Please wait...
GulfBase Live Support
Leave a message and our representative will contact you soon
- For Dubai property demand, a weak dollar has its benefits, especially for luxury home buys
- Oman, UAE boost bilateral trade and investment ties
- Tatweer plans several new projects in Duqm zone this year
- Dubai gold price drops - again - ahead of April 30's 'Akshaya Trithiya'
- Saudi Awwal Bank records SR2.1 billion net profit after zakat and income tax for 1Q25
- ECB set for deeper interest rate cutting cycle
- 'Qatar-Belgium Business Meeting reviews bilateral investment co-operation'
- Qatar makes impact in strengthening integration frameworks in Arab capital markets
- Sharjah explores economic and trade partnerships with Belgium
- UAE listings to get more diverse with tech startup's IPO on the cards
02/09/2010 00:00 AST
Malaysia's regulator has granted new licenses for family takaful, or Islam-based insurance business, to four joint venture entities led by foreign and local insurance and financial companies, according to Bank Negara Malaysia, the country's central bank and financial regulator.
The four new family takaful licenses were granted to joint ventures led by ING Groep NV, Great Eastern Life Assurance Co. Ltd., American International Assurance Bhd. and AMMB Holdings Bhd.
In Malaysia and Asia, there are "tremendous growth opportunities" in the insurance and takaful industry, said Bank Negara in a statement. Malaysia is the largest takaful market in Southeast Asia with gross takaful contributions of US$889 million in 2008, representing 77.6% of total contributions in the region, according to a takaful report by Ernst & Young.
"In view of these considerations and the strength of many of the applicants, there is an opportunity to allow more players in the Malaysia takaful sector," said Bank Negara. The regulator said it received "several strong applications" for family takaful licenses.
In May 2009, Bank Negara unveiled a liberalization plan for its financial sector by allowing more foreign operators in the insurance and banking industry. The regulator said at that time that two new takaful licenses would be issued (BestWire, May 5, 2009).
Now, the regulator said the Minister of Finance "has approved the granting of two family takaful licenses in additional to the two licenses that have been announced earlier."
"The new family takaful operators have strong value propositions" to enhance the development of family takaful in Malaysia, particularly in untapped business areas in microtakaful, medical and retirement products, said Bank Negara. The new operators will contribute to reinforce Malaysia's standing as an international Islamic financial hub.
Singapore's Great Eastern teamed up with Malaysia's multipurpose cooperative Koperasi Tentera to form Great Eastern Takaful Bhd., which is 70% held by Great Eastern and 30% by Koperasi Tentera. The new venture is expected to start operations early next year.
For more on this Click Here
InsuranceNewsNet
| Ticker | Price | Volume |
|---|
| Index | Closing | Change |
|---|---|---|
| NIKKEI 225 | 36,581.76 | -251.51 (-0.68 |
| DAX | 18,699.40 | 181.01 (0.97 |
| S&P 500 | 5,626.02 | 30.26 (0.54 |
28/04/2025
Spiralling inflation in the Euro-Zone was finally stabilized last year after an unprecedented cycle of policy rate increases by the European Central Bank (ECB). The ECB began the record tightening se
The Peninsula
28/04/2025
Egypt's unemployment rate declined to 6.6 percent in 2024, down 0.4 percent from the previous year, driven by lower joblessness across both urban and rural areas and by growth in sectors such as agri
Arab News
28/04/2025
Saudi Arabia and Qatar have agreed to jointly pay approximately $15 million to settle Syria's arrears to the World Bank, a move set to unlock renewed development funding for the war-torn country.
Arab News
28/04/2025
From fresh tariffs and fracturing alliances to recession warnings, the headlines scream turmoil. But for investors willing to tune out the noise and focus on the underlying data, there are solid reas
Trade Arabia
26/04/2025
Lebanon has received preliminary approval to increase the value of a World Bank reconstruction loan to $400 million from $250 million, Finance Minister Yassine Jaber said in a statement on Wednesday.
Reuters
Financial Information Co.
P.O. Box 69410, Jeddah 11547, Saudi Arabia