Zurich Takaful converts composite license to two
KUALA LUMPUR: In line with the requirements of the Islamic Financial Services Act 2013 (IFSA), Zurich Takaful Malaysia Bhd (Zurich) has transferred its general takaful business to a newly-incorporated entity – Zurich General Takaful Malaysia Bhd (ZGTMB), effective June 1, 2018.
The transfer covers employees, assets and liabilities, distributors and contracts under the general takaful business.
Zuhairi Ismail, formerly audit director of Zurich Malaysia has been appointed to the position of chief executive officer (CEO) of ZGTMB.
There are no changes to the terms and conditions of the general takaful certificates previously issued by ZTMB.
From June 1 onwards, all claims incurred from existing and new general takaful contracts will be managed by ZGTMB.
ZTMB will maintain its name and continue to operate the family takaful business with Salim Majid Zain continuing as its CEO.
There are no changes to the benefits and provisions under existing ZTMB family takaful certificates as a result of these changes.
Both ZGTMB and ZTMB will continue to operate through its combined network of branches across 13 locations nationwide. Customers will continue to receive quality services from their respective ZGTMB brokers and agents as well as ZTMB consultants.
ZGTMB was incorporated in accordance with the requirements set out under the IFSA, whereby a takaful operator holding composite licences shall not carry on both family takaful and general takaful businesses under one single entity.