Malaysia: Syarikat Takaful inks two bancatakaful deals
Source: Middle East Insurance Review | Sep 2020
Syarikat Takaful Malaysia Keluarga Bhd and its subsidiary Syarikat Takaful Malaysia AM Bhd have signed two bancatakaful service agreements with RHB Islamic Bank. The two service agreements are: family bancatakaful and general takaful.
Under the agreement, RHB Islamic Bank will sell, distribute and promote family credit takaful products developed by Syarikat Takaful. In return, Syarikat Takaful will pay a facilitation fee of RM145m to RHB Islamic.
Under the general bancatakaful agreement, RHB Islamic will sell, distribute and promote general takaful products developed by the takaful operator. In return, Syarikat Takaful will pay a facilitation fee of RM6m to RHB Islamic.
Both service agreements have a tenure of five years each, the group said. M