‘Takaful ops same despite conversion’
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.
The Finance Ministry and Bank Negara Malaysia had approved the conversion and the two new companies, namely Syarikat Takaful Malaysia Keluarga Bhd (STMKB) and Syarikat Takaful Malaysia Am Bhd (STMAB).
The conversion, which took effect yesterday, was in line with the legislative requirements of the Islamic Financial Services Act 2013.
“We are one and the same despite the licence splitting. The only difference is our family takaful business will be officially known as STMKB, while the general takaful business STMAB as a result of the conversion exercise,” said Datuk Seri Mohamed Hassan Kamil, who would continue to helm Takaful Malaysia as the group chief executive officer (CEO) and 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,” he added.