Takaful News - Malaysia: HSBC Establishes Takaful Arm
Source: Middle East Insurance Review | Sep 2006
HSBC has incorporated a joint-venture takaful company, HSBC Amanah Takaful (M) Sdn Bhd, which will provide a range of family takaful, general takaful and investment-related products to both retail and corporate customers throughout Malaysia.
HSBC Insurance (Asia Pacific) Holdings holds a 49% stake in the venture. Its partners are Jerneh Asia (31%) and Employees Provident Fund (20%). The company, to be launched in the third quarter, is capitalised at RM100 million (US$27.31 million).