Front Re has officially received regulatory approval from the Labuan Financial Services Authority (Labuan FSA) to establish a Retakaful Broking business. The approval is granted under Section 77(4) of the Labuan Islamic Financial Services and Securities Act (LIFSSA) 2010. It marks a significant strategic milestone for the firm as it creates new opportunities with broader business exchange across the global Islamic financial landscape.
In tandem with the operational licence, Front Re has appointed Dr Mohd Rofaizal Ibhraim of AFSHA Shariah Advisory as Shariah Advisor to provide independent oversight of Shariah governance, structural integrity, and compliance across its Retakaful advisory and broking activities.
Commenting on the approval, Rizal Zakaria, Chief Executive Officer of Front Re stated:
“Securing our Retakaful broking approval marks an exciting new chapter for Front Re as we continue to strengthen and expand our presence across key markets. Islamic finance and Takaful continue to demonstrate strong growth globally, and we aspire to play a meaningful role. With the guidance of Dr Mohd Rofaizal and the support of AFSHA Shariah Advisory, we remain committed to maintaining Shariah governance while creating new opportunities for our clients and building new partnerships across the region.”
The addition of Retakaful broking services complements Front Re’s existing business positioning, enabling the firm to offer both conventional and Shariah-compliant solutions. This expanded capability also positions Front Re to respond to the growing demand for sophisticated Shariah-compliant risk transfer solutions across the Islamic insurance markets of Asia and the Middle East.
