Labuan General Takaful Business

A Labuan general takaful business is defined as a takaful business that is not a family takaful business, but includes a takaful business relating to mutual financial aid and assistance to participants for losses arising from perils such as accidents, fires, floods and burglaries.

key highlights

  • In 2020, the general (re)takaful industry showed encouraging business growth of 13.8% to USD114.5 million in 2020 (2019: USD100.6 million), led primarily by the motor sector at 58.2% or USD66.7 million (2019: USD55.3 million)

  • Licensing & Operational Requirements
  • Fees
  • Licensing & Operational Requirements

    Applicant must maintain a minimum paid-up capital or working funds with a bank in Labuan amounting to RM7.5 million or its equivalent in any foreign currency.

    1. Applicant must be a member of the Labuan International Insurance Association.
    2. Applicant must provide a letter of guarantee or undertaking from the parent company to Labuan FSA.
    3. Applicant for a licence to carry on a general takaful business in Labuan must:
      • establish an operational management office in Labuan managed by a management team that has adequate knowledge and expertise in the insurance business; or
      • appoint a licensed Labuan takaful underwriting manager.
    4. Appointment of any person in control, director or principal officer (PO) of a Labuan general takaful operator must obtain prior approval from Labuan FSA. Notwithstanding, Labuan general takaful operators that are established as a branch are not required to obtain approval on the appointment of their directors.
    5. The person in control, director and PO of a Labuan general takaful operator must be fit and proper persons and shall not be subject of any adverse report from any reliable sources.

  • Fees
    Type of Fee
    Amount
    Annual Fee
    RM50,000
    USD15,000
  • Licensing & Operational Requirements

    Applicant must maintain a minimum paid-up capital or working funds with a bank in Labuan amounting to RM7.5 million or its equivalent in any foreign currency.

    1. Applicant must be a member of the Labuan International Insurance Association.
    2. Applicant must provide a letter of guarantee or undertaking from the parent company to Labuan FSA.
    3. Applicant for a licence to carry on a general takaful business in Labuan must:

      • establish an operational management office in Labuan managed by a management team that has adequate knowledge and expertise in the insurance business; or
      • appoint a licensed Labuan takaful underwriting manager.

    4. Appointment of any person in control, director or principal officer (PO) of a Labuan general takaful operator must obtain prior approval from Labuan FSA. Notwithstanding, Labuan general takaful operators that are established as a branch are not required to obtain approval on the appointment of their directors.
    5. The person in control, director and PO of a Labuan general takaful operator must be fit and proper persons and shall not be subject of any adverse report from any reliable sources.

  • Fees
    Type of Fee
    Amount
    Annual Fee
    RM50,000
    USD15,000
Labuan Family Takaful Business

A Labuan family takaful business is defined as a takaful business relating to family takaful. Family takaful means takaful for the benefit of the individual and his or her family.

  • Licensing & Operational Requirements
  • Fees
  • Licensing & Operational Requirements

    1. Applicant must maintain a minimum paid-up capital or working funds with a bank in Labuan amounting to RM7.5 million or its equivalent in any foreign currency.
    2. Applicant must be a member of the Labuan International Insurance Association.
    3. Applicant must provide a letter of guarantee or undertaking from the parent company to Labuan FSA.
    4. Applicant for a licence to carry on a family takaful business in Labuan must:
      • establish an operational management office in Labuan managed by a management team that has adequate knowledge and expertise in the insurance business; or
      • appoint a licensed Labuan takaful underwriting manager.
    5. Appointment of any person in control, director or principal officer (PO) of a Labuan family takaful operator must obtain prior approval from Labuan FSA. Notwithstanding, Labuan family takaful operators that are established as a branch are not required to obtain approval on the appointment of their directors.
    6. The person in control, director and PO of a Labuan family takaful operator must be fit and proper persons and shall not be subject of any adverse report from any reliable sources.

  • Fees
    Type of Fee
    Amount
    Annual Fee
    RM50,000
    USD15,000
  • Licensing & Operational Requirements

    1. Applicant must maintain a minimum paid-up capital or working funds with a bank in Labuan amounting to RM7.5 million or its equivalent in any foreign currency.
    2. Applicant must be a member of the Labuan International Insurance Association.
    3. Applicant must provide a letter of guarantee or undertaking from the parent company to Labuan FSA.
    4. Applicant for a licence to carry on a family takaful business in Labuan must:

      • establish an operational management office in Labuan managed by a management team that has adequate knowledge and expertise in the insurance business; or
      • appoint a licensed Labuan takaful underwriting manager.

    5. Appointment of any person in control, director or principal officer (PO) of a Labuan family takaful operator must obtain prior approval from Labuan FSA. Notwithstanding, Labuan family takaful operators that are established as a branch are not required to obtain approval on the appointment of their directors.
    6. The person in control, director and PO of a Labuan family takaful operator must be fit and proper persons and shall not be subject of any adverse report from any reliable sources.

  • Fees
    Type of Fee
    Amount
    Annual Fee
    RM50,000
    USD15,000
Labuan Retakaful Business

A Labuan retakaful business is defined as a business in compliance with Shariah principles whereby the Labuan retakaful operator assumes a part of the liability under an original contract of takaful of another takaful operator or retakaful operator.

  • Licensing & Operational Requirements
  • Fees
  • Licensing & Operational Requirements

    1. Applicant must maintain a minimum paid-up capital or working funds with a bank in Labuan amounting to RM10 million or its equivalent in any foreign currency.
    2. Applicant must provide a letter of guarantee or undertaking from the parent company to Labuan FSA.
    3. Applicant for a licence to carry on a retakaful business in Labuan must:
      • establish an operational management office in Labuan managed by a management team that has adequate knowledge and expertise in the insurance business; or
      • appoint a licensed Labuan takaful underwriting manager.
    4. Appointment of any person in control, director or principal officer (PO) of a Labuan retakaful operator must obtain prior approval from Labuan FSA. Notwithstanding, Labuan retakaful operators that are established as a branch are not required to obtain approval on the appointment of their directors.
    5. The person in control, director and PO of a Labuan retakaful operator must be fit and proper persons and shall not be subject of any adverse report from any reliable sources.

  • Fees
    Type of Fee
    Amount
    Annual Fee
    RM50,000
    USD15,000
  • Licensing & Operational Requirements

    1. Applicant must maintain a minimum paid-up capital or working funds with a bank in Labuan amounting to RM10 million or its equivalent in any foreign currency.
    2. Applicant must provide a letter of guarantee or undertaking from the parent company to Labuan FSA.
    3. Applicant for a licence to carry on a retakaful business in Labuan must:

      • establish an operational management office in Labuan managed by a management team that has adequate knowledge and expertise in the insurance business; or
      • appoint a licensed Labuan takaful underwriting manager.

    4. Appointment of any person in control, director or principal officer (PO) of a Labuan retakaful operator must obtain prior approval from Labuan FSA. Notwithstanding, Labuan retakaful operators that are established as a branch are not required to obtain approval on the appointment of their directors.
    5. The person in control, director and PO of a Labuan retakaful operator must be fit and proper persons and shall not be subject of any adverse report from any reliable sources.

  • Fees
    Type of Fee
    Amount
    Annual Fee
    RM50,000
    USD15,000
List of Labuan Insurance & Insurance-Related Entities

  • A
  • B - C
  • D - G
  • H - K
  • L - P
  • Q - T
  • U - Z
  • 0 - 9
List of Labuan Insurance & Insurance-Related Entities

  • A
  • B - C
  • D - G
  • H - K
  • L - M
  • S - T
  • U - Z
  • 0 - 9
  • A
    • A P INSURANCE LIMITED
    • Absolute Financial Solutions Ltd.
    • ACURRA INTERNATIONAL LIMITED (formerly known as ARL International Limited)
    • ACURRA PCC LIMITED (formerly known as Archipelago Insurance PCC Limited)
    • ADDi Bluecircle Limited
    • AFR Asia Pacific Limited
    • AIG Re-Takaful (L) Berhad
    • AirAsia Corporate Services Limited
    • Al Wasl Insurance Brokers Limited
    • Allianz SE General Reinsurance Branch Labuan
    • Allianz SE Life Reinsurance Branch Labuan
    • ALLIED INSURANCE PCC LIMITED (formerly known as GOLDASSURANCE LIMITED)
    • Allied World Assurance Company, Ltd (Labuan Branch)
    • AON REINSURANCE MALAYSIA LIMITED (formerly known as AON BENFIELD MALAYSIA LIMITED)
    • APPB INSURANCE BROKERS LIMITED
    • ARCHIPELAGO INSURANCE LIMITED
    • Archipelago Life Insurance Limited
    • ASIA OILS CAPTIVE PTE. LTD.
    • Asia Reinsurance Brokers (Labuan) Ltd
    • Asia Specialty Insurance Limited
    • Asia Star Reinsurance (Labuan) Bhd
    • Aster Underwriting Agency (Labuan) Limited
    • Axinan Labuan Limited
  • B - C
    • Beazley Labuan Limited
    • Berkley Insurance Company (Labuan Branch)
    • Berkshire Hathaway Specialty Insurance Company
    • BEST RE (L) Limited
    • BEST RE Family (L) Limited
    • BGC INSURANCE (L) LIMITED
    • BIB ASIA (L) BERHAD
    • BIB Asia First PCC (L) Bhd.
    • Bill Morrisons International Ltd.
    • Biru Rose Reinsurance Ltd.
    • BIST Inc.
    • BLAKFORD INSURANCE LTD.
    • BlueStar AMG Malaysia Limited
    • BODY WORK INSURANCE CO., LTD
    • Bogazici Insurance and Reinsurance Brokers Labuan Branch
    • Brighton Management Limited
    • Brightstar (L) Re Ltd.
    • BrokerFish Limited
    • BYRNECUT INSURANCE MALAYSIA LTD
    • Canopius Labuan Pte Limited
    • CapFin (Labuan) Limited
    • CATLIN LABUAN LIMITED
    • CCR RE Labuan Branch
    • CHALLENGE GROUP INC.
    • Challenge Group Underwriters & Managers (L) Inc.
    • CHARLES MONAT ASSOCIATES LIMITED
    • Chaucer Labuan Limited
    • China Property & Casualty Reinsurance Company Ltd, Labuan Branch
    • Chubb Tempest Reinsurance Ltd., Labuan Branch
    • CIB Global Limited
    • Confiance International Reinsurance Brokers L.L.C.
    • COVERS INTERNATIONAL LIMITED
    • CSI International Specialty Brokers Limited
  • D - G
    • Delima Insurance (Labuan) Ltd
    • DELPHI INTERNATIONAL INSURANCE BROKER LTD.
    • deVere and Partners (L) Ltd
    • deVere and Partners (M) Ltd
    • DL Balance Co., Ltd.
    • EDGEPROP ASSURANCE LIMITED
    • EMG Re Ltd
    • ENERGAS INSURANCE (L) LIMITED
    • ERRI Company, Ltd.
    • ETIQA LIFE INTERNATIONAL (L) LTD
    • ETIQA OFFSHORE INSURANCE (L) LTD
    • Excelsior Worldwide Limited
    • Factory Mutual Insurance Company, Labuan Branch
    • FARRINGDON ASSET MANAGEMENT LTD.
    • FEIC (Asia) Limited
    • FZ Labuan Insurance Pte. Ltd.
    • GARAM INSURANCE PCC LTD.
    • GENERAL INSURANCE CORPORATION OF INDIA, LABUAN BRANCH
    • General Reinsurance Labuan Branch (Life/ Health)
    • General Reinsurance, Labuan Branch
    • Genting (Labuan) Limited
    • GHR Risk Management (Labuan) Limited
    • GIA Company Ltd.
    • GLOBAL INSURANCE LTD.
    • GLOBALEYE (LABUAN) LTD
    • GMR CAPTIVE PTE LTD
    • Green Oak PCC Ltd.
    • GUY CARPENTER & CO LABUAN LTD
  • H - K
    • Haakon (Asia) Ltd.
    • HANNOVER RETAKAFUL LABUAN BRANCH FAMILY
    • HANNOVER RETAKAFUL LABUAN BRANCH GENERAL
    • Hansard Development Services (Asia Pacific) Limited
    • Hansard International Limited, Far East
    • Hardy Underwriting Labuan Limited
    • HARVESTKORP FINANCIAL SOLUTION PTE LTD
    • HDI Global SE, Labuan
    • Hebden Consulting Ltd.
    • Helvetia Swiss Insurance Company Ltd (Labuan Branch)
    • HHH Insurance Brokers Co., Ltd.
    • HLAP Ltd.
    • Holborn (Labuan) Limited (formerly known as Greenwood Private Wealth Management Ltd)
    • Howden (L) Ltd. (formerly known as CH Global (L) Limited)
    • Howden PCC (L) Bhd. (formerly known as CH International PCC (L) Bhd.)
    • Hub Risk Solutions Limited
    • IAG RE LABUAN (L) BERHAD
    • IMPERIUM CAPITAL LIMITED
    • Infinity Financial Solutions Ltd
    • INTERNATIONAL GENERAL INSURANCE COMPANY LTD. LABUAN BRANCH
    • International Risk Management Consultants Ltd
    • IPP Wealth Managers Ltd
    • IRM Limited
    • ITA Asia Limited
    • J Re Ltd.
    • JA ASSURE LABUAN LIMITED
    • Just Service Global Ltd.
    • K.M.Dastur & Company Private Limited
    • KLK Assurance (Labuan) Limited
    • Korean Reinsurance Company Labuan Branch
    • Kuwait Reinsurance Company - Far East Regional Office
  • L - M
    • Labuan Insurance Management Services Limited
    • LABUAN REINSURANCE (L) LTD
    • LE Captive Limited
    • LE Risk Management (Labuan) Limited
    • Liberty Specialty Markets Singapore Pte Limited, Labuan Branch (formerly known as Liberty International Underwriters Private Limited, Labuan Branch)
    • LION INSURANCE COMPANY LIMITED
    • LLOYD'S LABUAN LIMITED
    • Lockton Re (L) Ltd.
    • M1 MALAYSIA LTD.
    • Malakut Insurance Brokers (Asia) Limited
    • Mandarin Re Ltd (formerly known as TranssibRe Overseas Ltd)
    • Manulife Insurance Labuan Limited
    • MAPFRE RE Labuan Branch Office
    • Markel International Labuan Limited
    • MARSH MANAGEMENT SERVICES LABUAN LIMITED
    • MAWSON FLINDERS COOK MERCANTILE PTE. LTD.
    • Mazen Global Insurance Ltd
    • MED RE SDN. BHD.
    • Misthos Group Malaysia Inc.
    • MIT Captive Ltd
    • MITSUI SUMITOMO INSURANCE CO., LTD.
    • MMR Insurance Incorporated
    • MS Amlin AG, Labuan Branch
    • MS Amlin Labuan Limited
    • Munich Re Syndicate Labuan Ltd
  • S - T
    • SAG Specialty Limited
    • Saudi Reinsurance Company, Labuan Branch
    • SCOR REINSURANCE ASIA-PACIFIC PTE LTD, LABUAN BRANCH
    • SCOR SE
    • Seaquest Intermediaries (L) Limited
    • Selcare Insurance PCC Limited
    • SENHENG CAPTIVE INSURANCE PTE LTD.
    • Sime Darby Insurance Pte. Ltd.
    • Simon Re Ltd.
    • Singapore Reinsurance Corporation Limited, Labuan Branch
    • Sirius International Insurance Corporation (publ), Labuan Branch
    • Something Re. Co., Ltd.
    • Starr Underwriting Agents (Labuan) Limited
    • SUNWAY CAPTIVE INSURANCE LTD
    • Supremin International Pte. Ltd.
    • Swiss Re Corporate Solutions Ltd (Labuan Branch)
    • Synergy IFA Limited (formerly known as GTS Wealth Planners Limited)
    • Synergy Reinsurance Specialist (Labuan) Limited
    • TAIPING REINSURANCE COMPANY LIMITED, LABUAN BRANCH
    • TG Insurance Malaysia Ltd.
    • Three Sixty Financial Inc
    • Titan Financial Ltd.
    • TNB Global Captive (L) Ltd
    • TRUST INTERNATIONAL INSURANCE AND REINSURANCE CO. B.S.C. (C) TRUST RE, LABUAN
    • Tune Protect Re Ltd
    • Tygate Limited
  • U - Z
    • UIB ASIA LABUAN LTD
    • UNI FINANCIAL REINSURANCE SERVICES (L) LTD.
    • Virginia Surety Company, Labuan Branch
    • Visionary Insurance Company Limited
    • WARISAN CAPTIVE INCORPORATED
    • Watanabe Reinsurance Labuan Corporation
    • WENTWORTH INSURANCE COMPANY LIMITED, LABUAN BRANCH
    • WESTSTAR INSURANCE LIMITED
    • Willis Re Labuan Limited
    • Willis Towers Watson Management (Labuan) Limited (formerly known as Willis Management (Labuan) Limited)
    • XL Bermuda Ltd Labuan
    • XL INSURANCE COMPANY SE (LABUAN BRANCH)
  • 0 - 9
    • 3SC Capital Ltd.
  • A
  • B - C
  • D - G
  • H - K
  • L - P
  • Q - T
  • U - Z
  • 0 - 9
Find Labuan Banks and Investment Banks here
FAQs
  • 1. What is Labuan banking?

    Labuan banking means the business of receiving deposits on current accounts, deposit accounts, savings accounts, and includes the investment banking business, Labuan financial business, Islamic banking business and such other transactions and terms and conditions as specified by Labuan FSA in any currency including Malaysian Ringgit where permitted by Bank Negara Malaysia.

  • 2. What is investment banking?

    Investment banking means the business of providing credit facilities and consultancy and advisory services relating to corporate and investment matters, including making investments on behalf of any person. Other activities include undertaking foreign exchange transactions, interest rate swaps, dealings in derivative instruments or derivative financial instruments or any other similar risk management activities.

  • 3. What is Islamic banking?

    Islamic banking is defined as a banking business that is in accordance with Shariah principles.

  • 4. Who may apply for Labuan banking licence?

    Organisations that meet the following minimum criteria may apply for a Labuan banking licence:

    • Must be a bank or financial institution
    • Possesses a sound track record
    • Accorded a good credit rating by acceptable rating agencies
    • Supervised by a competent regulatory authority; and
    • Conforms to generally accepted standards of international banking practices or the Bank for International Settlements (BIS).

  • 5. What is the minimum working minimum fund for an investment bank?

    RM10 million or its equivalent in any other currency.

Stay ahead of the game
Access a wealth of information from Labuan IBFC from reports on forward-thinking research to insightful articles.
Get in touch
Interested to setup your business in Labuan? Speak to our dedicated advisors to find out more.
Stay ahead of the game
Access a wealth of information from Labuan IBFC from reports on forward-thinking research to insightful articles.
Get in touch
Interested to setup your business in Labuan? Speak to our dedicated advisors to find out more.
Ooops!
Generic Popup