ACR Capital Holdings, the parent of Asia Capital Reinsurance, a Singapore-based reinsurer, has announced the formation of ACR ReTakaful Holdings Limited, a Dubai-based retakaful company.  ACR ReTakaful will be a joint venture among ACR Capital and Malaysian and Dubai investment companies.  [Link to press release].  ACR announced that the retakaful company will have $300 million of capital and plans to establish retakaful operating companies in Malaysia and Dubai.Malaysia in particular has seen significant penetration by takaful companies into traditional insurance markets.  Takaful is a shari’a compliant alternative to insurance and is a growing market in countries and regions with significant Muslim populations.  Retakaful, as the name implies, provides opportunities to takaful companies to cede risk to a “reinsurer” that conducts its business in a manner that is also shari’a compliant.