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PETALING JAYA: Takaful operators like Syarikat Takaful Malaysia Bhd and Takaful Ikhlas Sdn Bhd, a unit of MNRB Holdings Bhd, are aggressively strategising their operations to ensure profitable growth and taking advantage of the five-year time frame given to composite takaful players to fully comply with the new Islamic Financial Services Act (IFSA).
KUALA LUMPUR: Depositors may now opt for either investment or deposit accounts under the Islamic Financial Services Act (IFSA) 2013.
PETALING JAYA: Although the Islamic Financial Services Act (IFSA) is expected to see some takaful players, especially those with a composite licence, split their life and general operations, it has not deterred their gameplan to strengthen and grow their takaful business amid the growing and competitive Islamic insurance landscape.
KUALA LUMPUR: The takaful industry, which expects new business growth of at least 20% this year, faces some hiccups with the implementation of new legislation in the form of the Islamic Financial Services Act (IFSA) 2013.
PETALING JAYA: With the Financial Services Act (FSA) and Islamic Financial Services Act (IFSA) around the corner, the pinching and hiring of talent is expected to intensify among composite insurers and takaful players amid the talent crunch in the competitive insurance arena.
KUALA LUMPUR: The new Islamic Financial Services Act (IFSA) 2012 will statutorily enforce the management of syariah non-compliance risk and require Islamic financial institutions to ensure that their aim, operation, business, affairs and activities are syariah-compliant at all times.
A TWO-YEAR transition period until June 30 next year has been accorded to Islamic banking institutions to facilitate reclassification into Islamic deposits and investment accounts under the Islamic Financial Services Act (IFSA) 2013.
PETALING JAYA: Syarikat Takaful Malaysia Bhd, which is not discounting the possibility of a merger and acquisition (M&A), is in the midst of finalising its corporate structure in line with requirements under the Islamic Financial Services Act (IFSA) 2013.
KUALA LUMPUR: Come June 30 next year, all Islamic banks and commercial banks with Islamic banking subsidiaries offering Islamic deposits must classify them either as principal guaranteed or investment accounts which are not principal guaranteed under syariah contracts in line with the Islamic Financial Services Act (IFSA).