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Bahrain-based Arab Insurance Group (Arig)launched its sharia-compliant Takaful Re re-insurance company on 19 September. Arig holds a 51.8 per cent stake in the new company, based in Dubai, with an authorised capital of $500 million and paid-up capital of $125 million. The other shareholders are Jeddah-based Islamic Development Bank, Dubai Investments, Emirates Industrial Bank, Emirates Funds,part of the Emirates Bank Group, Qatar Islamic Insurance Companyand Kuwait’s Wethaq Takaful Insurance Company.