Malaysia: Cooperative body to provide takaful
Source: Middle East Insurance Review | Oct 2015
Angkatan Koperasi Kebangsaan Malaysia Bhd (Angkasa), the country’s apex body for co-operative organisations, will introduce takaful products via its unit, MyAngkasa Holdings Sdn Bhd (MHSB), reported Bernama.
Angkasa’s President, Datuk Abdul Fatah Abdullah, said MHSB has received the nod from Labuan Offshore Financial Services Authority to operate takaful captive cells through the Archipelago Insurance PCC Ltd.
The approval was given to MyAngkasa Life Takaful and MyAngkasa General Takaful, he added.
Datuk Abdul Fatah, who is also MHSB Chairman, revealed this at a press conference on the exchange of cooperation documents between MHSB and Archipelago Insurance.
Three products – Extended Takaful Warranty, GAP Takaful and Cashless PA Takaful – would be in the market in October. A family medical product would be introduced later, he said.
Datuk Abdul Fatah said Angkasa previously entered the insurance business as an agent and saw the great potential in the industry to help strengthen the cooperative business.
“The insurance business is also open to all co-op members who are interested to expand their own cooperative businesses,” he said.