KUALA LUMPUR: Syarikat Takaful Malaysia Bhd (Takaful Malaysia) has become the country’s first Islamic insurance company to complete the conversion of its composite licence to single licences, thus splitting the company into two entities of Family Takaful and General Takaful, respectively.
Both the Ministry of Finance (MoF) and Bank Negara Malaysia have approved the conversion and the two new companies: Syarikat Takaful Malaysia Keluarga Bhd (STMKB) and Syarikat Takaful Malaysia Am Berhad (STMAB).
This conversion which takes effect today is in accordance to the legislative requirement of the Islamic Financial Services Act 2013 (IFSA).
“We are one and the same despite the licence splitting. The only difference is our Family Takaful business will be officially known as STMKB whilst the General Takaful business is STMAB as a result of the conversion exercise,” said Datuk Seri Mohamed Hassan Kamil, who will continue to helm Takaful Malaysia as the group chief executive officer (CEO) and also as the CEO of STMKB.
“Nevertheless, our operations for both General and Family Takaful businesses under the respective entities will remain unchanged. There are no changes to the existing terms and conditions of the takaful certificate contracts issued by both entities. Our customers and intermediaries will continue to enjoy the quality service rendered to them.”
Both STMKB and STMAB will resume operating through its existing combined network of service centres across 24 locations nationwide.
Founded in 1984, Takaful Malaysia has a paid up capital of RM164.8 million with total assets of RM8.2 billion at group level as at December 2017.