In a move aimed at expanding the reach of Sharia law-compliant
takaful insurance in Malaysia, the country’s central bank,
Bank Negara, has granted licences that will see the formation of
four joint ventures family takaful operations.
The recipients are:
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- American International Assurance
Berhad, in which American International Group’s Asian subsidiary
AIA Group has a 70% stake and Alliance Bank Malaysia a 30%
stake; - AmLife Insurance Berhad, in which
Malaysian financial group AMMB Holdings has a 70% stake and UK
insurer Friends Provident plc a 30% stake; - ING Management Holdings
(Malaysia), in which Dutch financial group ING has a 60% stake and
Malaysian banks Public Bank and Public Islamic Bank stakes of 20%
each; and - Singapore insurer Great Eastern
Life Assurance’s Malaysian unit, in which it has a 70% stake
together with Koperasi Angkatan Tentera, a Malaysian mutual
bank.
In a statement Bank Negara said:
“Given the vast potential to further enhance the insurance
penetration rate in Malaysia and in the region, there are
tremendous growth opportunities for the insurance and
takaful industry in supporting the requirements of the
economy.”
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