AMMB to start family takaful business in June next year
Sep 2nd, 2010 by 1takaful
Source: The Star, 2nd September 2010
AMMB Holdings Bhd, one of the four joint ventures to get the family takaful licences, will get the business started in June 2011, group managing director Cheah Tek Kuang said today.
“We are giving ourselves nine months to get started,” he said after the company’s annual general meeting (AGM) here.
In the joint venture for the takaful licence, AMMB holds a 70% stake with the remaining 30% under Friends Provident Group plc of the United Kingdom.
The other three that secured the licences are the joint ventures between American International Assurance Bhd (70%) and Alliance Bank Malaysia Bhd (30%); ING Management Holdings (M) Sdn Bhd (60%), Public Bank Bhd (20%) and Public Islamic Bank Bhd (20%); and The Great Eastern Life Assurance Company Ltd (70%) and Koperasi Angkatan Tentera Malaysia Bhd (30%).
The four new licences, issued under the Takaful Act 1984, were based on the applicants’ financial soundness and resilience, track record, expertise, business plan and contribution towards local financial sector development, Bank Negara said in a statement yesterday.
The new family takaful operators have strong value propositions that will further enhance the development of the family takaful industry in Malaysia, the central bank said.
This will help in penetrating untapped areas of business within the family takaful industry, including microtakaful, medical and retirement products, it added.