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Syarikat Takaful Malaysia's revamp gets the green light

Source: Middle East Insurance Review | Sep 2017

Syarikat Takaful Malaysia Bhd (STMB), in a reorganisation, is changing its name to Syarikat Takaful Malaysia Keluarga Bhd (STMKB) and establishing a new wholly owned subsidiary, Syarikat Takaful Malaysia Am Bhd (STMAB), the company said in a filing on Bursa Malaysia.
 
   Takaful Malaysia said Bank Negara Malaysia (BNM) has approved the name change. The central bank will also issue a family takaful licence to STMKB and a separate general takaful licence to STMAB.
 
   The existing composite licence of Takaful Malaysia will be surrendered to the central bank upon completion of the exercise.
 
   “The proposed reorganisation is expected to contribute positively to the prospects of the group upon realisation of the business growth arising from the existing business plans and strategy of the company for both the family and general takaful businesses,” the group said.
 
   STMB said the corporate structure after the completion of the proposed reorganisation would allow the group to achieve its business strategy of maintaining its current lines of business, facilitate expansion into new lines of business in the longer term.
 
   Under the Financial Services Act (FSA) and Islamic Financial Services Act (IFSA), which came into force on 1 July 2013, composite insurers and takaful operators would be, among others, required to split their life and general insurance businesses under separate licences. The separation of business is to be completed by 2018. M 
 
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