BNM, Finance Ministry approve Takaful Malaysia’s reorganisation

Takaful Malaysia today announce the group financial results and growth strategy at their Takaful Malaysia Building in Kuala Lumpur on March 7, 2012.

KUALA LUMPUR: Bank Negara Malaysia (BNM) and the Finance Ministry have granted decisions-in-principle to Syarikat Takaful Malaysia Bhd (STMB) for its proposed reorganisation.

In a filing with Bursa Malaysia, STMB said the Finance Ministry had decided to grant a family takaful business licence to the company under its new name, Syarikat Takaful Malaysia Keluarga Bhd (STMKB).

The ministry has also approved a general takaful business licence to a new company, which would be a wholly-owned subsidiary of STMKB, Syarikat Takaful Malaysia Am Bhd.

“The granting of the approval is subject to the operational and system readiness of the single licensees upon completion of the scheme of transfer, where a new family takaful business licence certificate will be issued to STMKB and a new general takaful business licence certificate will be issued to STMKB respectively, in exchange for the current composite takaful licence certificate,” it said. 

STMB said the group’s corporate structure after the completion of the proposed reorganisation would allow the group to achieve its business strategy of maintaining its current lines of business, facilitate expansion into new lines of business in the longer term.

At the same time, the exercise would also comply with the group’s obligations under the Islamic Financial Services Act 2013, it added.

“The proposed reorganisation is expected to contribute positively to the prospects of the STMB group upon realisation of the business growth arising from the existing business plans and strategy of the company for both the family and general takaful businesses moving forward,” it said. - Bernama