♦ Four takaful licences awarded. Bank Negara Malaysia (BNM) has awarded takaful licences to four joint ventures of local and foreign entities. The four JV’s are: 1) AIA and Alliance Bank; 2) AMMB and Friends Provident Group plc; 3) Public Bank, Public Islamic and ING; and 4) Great Eastern and Koperasi Angkatan Tentera Malaysia. While we had been expecting new takaful licences, we were surprised that four were
awarded instead of two. BNM said that the award of the two additional licences was driven by the recovering economic conditions.
Insurance Sector Update : Four New Takaful Licences Awarded - 03/09/2010
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