Celebrating the Legacy of Mustafa Rajab: One of the Middle East (Re)Insurance Industry’s Greatest Pioneers
The Middle Eastern insurance and reinsurance community is mourning the loss of one of its most iconic figures. Mustafa Rajab, a legendary professional whose influence spanned more than five decades, passed away on June 15, 2025, in Abu Dhabi, United Arab Emirates, at the age of 96. His passing marks the end of an era for an industry shaped in no small part by his vision, leadership, and lifelong commitment to excellence in insurance.
Mustafa Rajab’s Academic Foundation and Early Vision
Born in Iraq, Mustafa Rajab laid the academic groundwork for his distinguished career at the University of Baghdad, focusing on business and economics. He then continued his studies at the University of Geneva in Switzerland, a globally respected institution recognized for its programs in finance, law, and insurance.
His dual exposure to both Middle Eastern and European thought shaped his forward-thinking approach to risk, underwriting, and reinsurance operations. This combination of insight and international orientation became a hallmark of Rajab’s career.
Mustafa Rajab and the Founding of Iraq Reinsurance Company
One of Rajab’s most enduring contributions was his role as a founding member of the Iraq Reinsurance Company (Iraq Re) in 1960. As the company’s leader until 1980, he helped shape Iraq Re into a cornerstone of the Arab insurance ecosystem. His strategic leadership was instrumental in developing Iraq Re’s reputation for technical excellence, solid governance, and a robust client base within Iraq’s booming industrial sectors.
Rajab guided the reinsurer through periods of both national growth and political change, maintaining international credibility and helping to build a pipeline of local talent in actuarial and insurance disciplines.
Mustafa Rajab’s Regional Impact at Arab Re and Al Dhafra
Following his departure from Iraq in the early 1980s, Mustafa Rajab expanded his influence regionally, taking up key executive roles in Lebanon and the UAE. As Managing Director of Arab Re in Lebanon, he reinforced the company’s regional footprint and implemented progressive reinsurance practices that solidified Arab Re’s status as a leader in the Arab market.
He later served as CEO of Al Dhafra Insurance Company in the UAE. In this role, Rajab led the development of new insurance products tailored to the UAE’s expanding economy. His contributions helped diversify and professionalize the country’s insurance offerings at a time of rapid market transformation.
Mustafa Rajab as Author, Mentor, and Industry Thinker
In addition to his leadership in corporate settings, Mustafa Rajab was a prolific author. He penned several highly regarded books and articles on insurance, reinsurance, and risk management. His works continue to be referenced by industry professionals and academics throughout the Middle East.
He also served as a mentor and guide to emerging professionals, many of whom now occupy senior roles across the global (re)insurance industry. His dedication to education, professional ethics, and institutional development helped raise standards and inspire a culture of lifelong learning in the industry.
Mustafa Rajab’s Family Legacy: SHIELDS Re and the Next Generation
Rajab’s passion for insurance did not end with his personal career. His legacy continues through his son, Ahmed Rajab, founder and CEO of SHIELDS Reinsurance Brokers, headquartered in the Dubai International Financial Centre (DIFC). Today, SHIELDS Re is a respected player in the regional reinsurance brokerage sector, serving clients across the MENA region and beyond.
Ahmed Rajab has frequently credited his father as the inspiration behind his own professional journey, citing Mustafa’s discipline, vision, and unwavering commitment to client service as key pillars of SHIELDS Re’s philosophy.
Remembering Mustafa Rajab: A Titan of the Industry
The passing of Mustafa Rajab has prompted tributes from across the insurance and reinsurance world. Peers, colleagues, and industry organizations have recognized his unparalleled contributions to regional development and his role in shaping insurance practices that remain relevant today.
Beyond the companies he built and the books he wrote, Rajab’s values—integrity, innovation, and leadership—remain etched in the industry’s DNA. His work influenced not only corporate strategy but also professional norms and regulatory perspectives across the Middle East.
Conclusion: Mustafa Rajab’s Enduring Impact on Middle Eastern (Re)Insurance
The career of Mustafa Rajab stands as a testament to what one visionary leader can achieve over a lifetime. From founding Iraq Re to executive roles in Lebanon and the UAE, from writing seminal works to mentoring the next generation, his impact on the Middle Eastern (re)insurance sector will be felt for generations.
As the industry continues to evolve, professionals and institutions alike will look to the example Rajab set—grounded in technical proficiency, principled leadership, and long-term strategic thinking.
May his memory continue to inspire, and may he rest in peace.
