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MNRB Holdings unit to transfer retakaful biz to Malaysian Reinsurance

MNRB Holdings Bhd. unit MNRB Retakaful Bhd. will transfer its Islamic reinsurance, or retakaful, businesses to affiliate Malaysian Reinsurance Bhd. as part of the group's internal restructuring exercise.

The family retakaful and general retakaful businesses will be transferred to Malaysian Reinsurance effective Dec. 1.

The two MNRB Holdings units entered into a business transfer agreement on Sept. 29, according to an Oct. 12 filing on the Malaysian bourse.