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Takaful Malaysia converts composite licence to single licences
Last update: 01/06/2018

KUALA LUMPUR, June 1 (Bernama) --†Syarikat Takaful Malaysia Bhd (Takaful†Malaysia), the first Islamic insurance company in Malaysia, announced the conversion of its†composite licence†to single licences and splitting†the company into two entities to manage the operations of its family takaful and general takaful businesses separately.

Group Chief Executive Officer (CEO),†Datuk†Seri Mohamed Hassan Kamil said the conversion,†which takes into effect today, was†in accordance with the legislative†requirement of the Islamic Financial Services Act 2013.

In a statement today, he said the family takaful business licence will†now operate under a new†name,†Syarikat Takaful Malaysia Keluarga Bhd (STMKB),†that will†act as the holding company to manage the family takaful business.

The†other entity is a new company, which is a wholly-owned subsidiary of STMKB, called Syarikat†Takaful Malaysia Am Bhd (STMAB) to manage the general takaful business.

"The transfer of our general takaful business to the newly-incorporated entity of STMAB includes employees, assets and†liabilities, intermediaries and contracts," he said, adding there were no changes to the existing terms and conditions of the†takaful certificate contracts issued by both entities.

Mohamed Hassan†will continue to†helm Takaful Malaysia as the Group CEO†and also as the CEO of STMKB.



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Source: Bank Negara Malaysia

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Bankerís Cheque, Bank Draft and Cashierís Order. Do you think this additional charge is justified?

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