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Posts Tagged ‘Takaful

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

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Written by Suapi Shaffaii

January 12, 2012 at 10:39 pm

Posted in Islamic Financial Institutions

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Salama Insurance joins forces with NCB Capital investment arm

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Points of Essence:

  • The world’s largest takaful and re-takaful group, Salam Insurance has recently sealed a partnership deal with NCB Capital, the investment banking arm of National Commercial Bank to extensively market the Islamic insurance products in the UAE . Gulf News reported.

Staff Report

Dubai: Salama Islamic Arab Insurance Company, the world’s largest Takaful and Re-Takaful group, announced its strategic alliance with NCB Capital, the investment banking arm of National Commercial Bank, in a bid to further promote the spread of Sharia compliant insurance solutions.

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Written by Suapi Shaffaii

November 10, 2008 at 11:38 am

Takaful Ikhlas Aims For 20 Pct Share Of Malaysian Takaful Market In 2010

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Points of Essence:

  • Takaful Ikhlas aims to capture a 20% market share of the Takaful sector in Malaysia by 2010. Currently at 11% of the market share, the company looks set to achieve the target as it continues to expand, with RM60 million in premiums is expected to be collected by March next year.

By: ramjit

PUTRAJAYA, Oct 13 (Bernama) — Takaful Ikhlas Sdn Bhd has set the target of capturing 20 percent of the takaful market in 2010, said its chairman Sharkawi Alis.

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Written by Suapi Shaffaii

October 14, 2008 at 11:14 am

Takaful And Retakaful Industry in Malaysia Show Rapid Growth

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Points of Essence:

  • With the takaful funds stood at RM8.8 billion as at 2007 compared with RM 6.8 billion last year and the penetration rate of takaful at 7% in 2007 compared to 5.9 % in 2006, the Malaysian takaful industry has the potential for a further growth. The retakaful industry on the other hand, has a lot to catch up.

By: Ramjit

Kuala Lumpur, Sept 29 (Bernama)– The takaful and retakaful industry continues to show rapid growth and is being increasingly recognised as a major component of the overall Islamic financial system.

The chief executive officer of the Islamic Banking and Finance Institute Malaysia, Datuk Dr Adnan Alias said however,the retakaful business in Malaysia was still limited in terms of capacity.

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Written by Suapi Shaffaii

October 5, 2008 at 9:35 pm

Posted in General Issue

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The car insurance that obeys sharia rules

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Points of Essence:

  • Salaam Halal, being the first Islamic insurance (takaful) provider in UK, plans to roll out motor insurance coverage and home insurance policy to cater for the need of the Muslim population in UK before end of the year.
  • This makes it a second Takaful offering in UK apart from HSBC’s Amanah home insurance.
  • To ensure compliance with Islamic law, all the activities and products of Salaam Insurance are overseen by its Sharia Supervisory Committee.
  • The Salaam Halal insurance products will appeal to British Muslims as well as to the non-Muslim community who are interested in products of an ethical or co-operative nature, because of the nature of Halal insurance.

By Kara Gammell
Last Updated: 4:24pm BST 08/09/2008

More than 2m Muslims in Britain will now be able to arrange motor insurance without compromising their religious beliefs, according to Salaam Halal Insurance. Bradley Brandon-Cross, the chief executive of Salaam Insurance, says: “Conventional United Kingdom insurance options conflict with the core beliefs of the Muslim faith and, as a result, give Muslims living in the UK who wish to drive a car no choice but to go against their beliefs in order to follow the law, which requires motorists to have cover.

“The face of Britain is changing and it is the responsibility of British institutions to cater for such changes and welcome diversity.”

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Written by Suapi Shaffaii

September 9, 2008 at 12:20 pm

Maybank calls off talks with Indonesia’s Panin

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Points of Essence:

  • The Malaysian banking fraternity is bracing for yet another surprise with Maybank’s latest failed conquest. Reeling from the uncertainty of the BII deal for a banking expansion in Indonesia, this is another setback for Maybank as it sought to venture into Indonesian takaful industry. The proposed joint venture with Indonesian Panin would have given Maybank a 60% stake in Panin’s subsidiary PT Anugrah Life Insurance.
  • Citing circumstances beyond their control for the related parties not to proceed with the partnership negotiations, the bank committed to penetrate into Indonesia’s takaful industry at future opportunities.
  • However, it remains to be seen how this failure will affect Maybank’s future regional  expansion plans.
  • On another note, we have seen a string of faltered Indonesian deals for Malaysian companies lately, raising concerns on the viability of the investment ventures in Indonesia given its unfriendly investment environment.

KUALA LUMPUR: Malayan Banking Bhd (Maybank) has called off its discussions with Indonesia’s Panin on a possible joint-venture partnership to venture into the takaful industry there.

However, despite the setback, Maybank said on Wednesday it was still keen on Indonesia as a target market for its insurance and takaful expansion.

“Maybank would continue to look for possible options in developing its insurance and takaful business in Indonesia,” it said.

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Written by Suapi Shaffaii

September 3, 2008 at 3:39 pm