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Archive for January 2012

AmTakaful Starts Family Takaful Business

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Points of Essence

  • Newest Takaful operator in Malaysia, AmFamily Takaful has commenced its family takaful business, making it the 12th licensee
  • The business is a JV between AmBank Group and UK’s Friends Life Group  

KUALA LUMPUR, Jan 9 (Bernama) — AmFamily Takaful Bhd (AmTakaful), the 12th licensed takaful operator in Malaysia, has commenced a family takaful business.

A joint venture company between AmBank Group and Friends Life Group of the UK, AmTakaful is registered as a takaful operator by Bank Negara Malaysia (BNM) to carry out a family takaful business with effect from Jan 9, 2012.

By combining the expertise of its shareholders AmBank Group and Friends Life Group, as well as Shariah principles and values, AmTakaful will be introducing a wide range of family takaful solutions to meet the evolving lifestyle needs of all Malaysians, it said in a statement.

Source: BERNAMA

Written by Suapi Shaffaii

January 12, 2012 at 10:39 pm

Posted in Islamic Financial Institutions

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HSBC Amanah To Issue Innovative Sukuk For Retail Investors

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Points of Essence

  • HSBC Amanah is mulling issuance of an innovative sukuk for retail investors this year
  • The planned sukuk is intended to increase presence in the bond market by retail investors 
  • With 15 branches so far in Malaysia and leveraging on its global group, the bank is poised to grow its offering of Shariah compliant products.

By Dalila Abu Bakar

KUALA LUMPUR, Jan 10 (Bernama) — HSBC Amanah Malaysia Bhd, a subsidiary of HSBC Bank Malaysia, plans to introduce an innovative sukuk this year for retail investors to maintain HSBC’s position as a leading sukuk house.

“Malaysia is one of the deepest markets for Islamic bonds but we still do not have an active retail market.

“We need to launch a retail bond product so that the retail investors could share the sukuk pie,” chief executive officer Rafe Haneef told Bernama in an interview.

Rafe said Malaysia made up 60 per cent of the total global sukuk issuance last year but the Syariah bonds were subscribed mostly by institutional investors.

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Written by Suapi Shaffaii

January 10, 2012 at 10:14 pm

Posted in Islamic Financial Institutions

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