Source: Business Times, 23rd June 2008
Islamic insurance or takaful is expected to register a 30 per cent growth this year despite an environment of higher prices.
Takaful Ikhlas Sdn Bhd chairman Sharkawi Alis said the economic downturns in 1988 and 1997 had proven that the insurance industry can withstand such turmoil.
“It’s a recession-proof industry. Takaful, in particular, can grow bigger as it has only penetrated seven per cent of the population,” he said after the opening of Takafaul Ikhlas’ regional office in Kuantan by State Entrepreneur Development and Cooperative committee chairman Datuk Ishak Muhamad on Saturday.
Present was Takaful Ikhlas president and chief executive officer Syed Moheeb Syed Kamarulzaman.
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Source: Business Times, 24 March 2008
MAA Holdings Bhd (MAAH) has offered AmAssurance Bhd 10 per cent of its Islamic insurance arm as part of a bigger deal to sell its general insurance business, a source said.
“MAAH has been reeling from solvency issues that turned the company into the red last year. Offering a minor stake in MAA Takaful Bhd (MAAT) would sweeten the deal for AmAssurance,” the source said.
AMMB Holdings Bhd holds 70 per cent of AmAssurance and a similar stake in AmG Insurance Bhd, the group’s general business arm.
MAAH plans to sell its general insurance business to AmG Insurance.
For AMMB, having an Islamic insurance arm would complement its existing Islamic banking business.
Last Tuesday, the central bank gave its nod for talks that could lead to AmAssurance buying a stake in MAAT.
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Source: Business Times, 20th October 2007
The government may not issue anymore new takaful licences to foreign players in the near term, but will encourage them to form joint ventures with local institutions, a deputy minister said.
“I don’t think so …we are willing to give out takaful licences like what we did to full-fledged Islamic banks, but the takaful experience from outside Malaysia is very limited,” Deputy Minister of Finance Datuk Dr Awang Adek told reporters yesterday.
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