Takaful Malaysia on acquisition trail

KUALA LUMPUR: Syarikat Takaful Malaysia Bhd is hoping to acquire a local Takaful company over the next two years in a bid to strengthen its operations in the Takaful space in line with the Islamic Financial Services Act (IFSA ) 2013.

Its group managing director Datuk  Seri Mohamed Hassan Kamil said on Tuesday with the IFSA on board this would create opportunities  for M&As in the Takaful business. 

Under the IFSA 2013, composite & Takaful players are required to split their family and general insurance biz into separate licensed entities hence this will create opportunities for M&As.

Hassan said most probably the company would be looking to acquire a local Takaful operator by 2017. 

He was speaking at its press briefing after the company's AGM & EGM.