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Published: Thursday June 14, 2012 MYT 10:24:00 AM

Takaful Malaysia close to sealing UK property investment deal

KUALA LUMPUR: Syarikat Takaful Malaysia Bhd is close to concluding an overseas investment deal specifically in the UK property market which would mark its foray into overseas property investments.

Its group managing director, Datuk Mohamed Hasan Md Kamil said on Thursday the "depreciation of the British pound and a devalued market are a few of the factors that make investment in London attractive".

He said this was one of the key factors and reasons of Takaful Malaysia's property investment in the UK.

Takaful Malaysia is also moving ahead to set up a unit in the Labuan International Offshore Financial Centre (IOFC) where the special purpose vehicle would hold its overseas property investment.

Mohamed Hasan said most companies or organisations would consider Jersey or Guernsey offshore centres to set up the SPV company, but Takaful Malaysia believed Labuan IOFC offered better advantages over the others.

"Besides supporting the government's effort in promoting a local IOFC, Labuan IOFC also provides a business friendly regulatory structure and a preferential tax regime. These major factors will facilitate the overseas investments of companies incorporated in Labuan," he said.

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