Takaful - Malaysia: MCIS Insurance still eyeing takaful business

Source: Middle East Insurance Review | Feb 2016

Life insurer MCIS Insurance Bhd, which disposed of its general insurance business in March 2015, wants to enter the takaful business, said its CEO Kevin Jones.

He told SunBiz in an interview, however, that there are no proposals on the table yet. “Our major shareholders are interested to venture into takaful but there have been no discussions so far,” he said.

MCIS Insurance, formerly MCIS Zurich Malaysia, is a partnership between Sanlam Emerging Markets Proprietary Ltd (SEM) and Koperasi MCIS Bhd. SEM, part of South Africa-based Sanlam Group, bought a 51% controlling stake in MCIS Zurich Insurance Bhd in 2014, which saw Zurich exit the venture.

Major shareholder Koperasi MCIS has made known its intention to enter the takaful business since 2008. Back then, MCIS Zurich Malaysia said it was looking for opportunities in the takaful market, including entering into partnership with existing operators in joint ventures.

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