Alliance Financial Group Bhd’s (AFG) disposal of its 30 per cent equity interest in AIA AFG Takaful Bhd (AIA AIG Takaful) for a total cash consideration of RM45 million was anticipated by analysts and would probably not leave much impact for the group.
According to an analyst from RHB Research Institute Sdn Bhd (RHB Research) in a research note yesterday, the disposal announcement was not too surprising as management had previously said that it was searching for a new partner to replace AIA following AIA’s acquisition of ING’s Malaysian operations (ING has a tie up with Public Bank)………………………………………..Full Article: Source

Alliance Financial Group Bhd (AFG) is selling its 30% stake in AFG Takaful Bhd to American International Assurance Bhd for RM45mil. AFG said on Monday its unit Alliance Bank Malaysia Bhd had signed a conditional share sale agreement with AIA to sell the stake, comprising of 30 million shares of RM1 each for a cash consideration of RM45mil.
AIA AFG Takaful’s core business is to carry out family takaful business. It was incorporated on Dec 6, 2010 with a paid-up of RM100mil………………………………………..Full Article: Source

Takaful International, a Bahrain-based Sharia-compliant insurance firm, yesterday announced that last year it achieved a growth of 22 per cent in retained contributions despite intense competition in the market.
The company management is optimistic about growth in the current year, said a statement issued yesterday after the company’s 23rd annual general meeting (AGM). During the meeting, the board of directors’ report, Sharia report, auditors report and financial statement for 2012 were approved………………………………………..Full Article: Source

What is the difference between Takaful insurance and conventional insurance products? Is Takaful insurance simply truly Sharia-compliant or not? There are some few technical differences between the two, and it does not represent any difference for clients, for whom the most important thing is the spirit of Takaful and Islamic spirit.
The spirit of takaful is bigger than this; we will be accountable and hold responsibility for the great religion of Islam itself. It’s really scary when you think about it. That, in fact, we are representing Islam fundamentals when we introduce these products, or when we talk about takaful. ……………………………………….Full Article: Source

Great Eastern Takaful Sdn Bhd (Great Eastern Takaful) has appointed Zafri Abdul Halim as the new chief executive officer (CEO) of the family takaful company effective from March 1, 2013.
In a press release, the company stated that the new CEO held a Master of Science in Project Management from George Washington University and a Bachelors Degree in Accountancy in addition to being a member of Malaysian Institute of Accountant and a certified Chartered Accountant. “With his vast experience in the financial industry spanning over 20 years, Zafri is well-placed to drive Great Eastern Group’s long term plan in the expansion of its takaful business locally. ……………………………………….Full Article: Source

The Securities and Exchange Commission of Pakistan (SECP) directed the Pak-Qatar Family Takaful and its CEO to pay Rs800,000 and Rs200,000, respectively, in fines to the regulator within 30 days for running advertisements containing “deceptive and/or misleading information” through one of its agents.
BankIslami Pakistan published an advertisement in Dawn on October 27 last year that promoted three Takaful products of Pak-Qatar Family Takaful. However, the name of Pak-Qatar Family Takaful was not printed anywhere in the advertisement. According to the SECP order passed on February 26, the advertisement did not suggest any involvement of Pak-Qatar Family Takaful with the products; and therefore, it was “deceptive/misleading for the public at large.”……………………………………….Full Article: Source

Takaful Ikhlas Sdn Bhd has marked its 10th year of presence in the takaful industry by receiving the Best Takaful Provider award for the third time at the recent Euromoney Islamic Finance Awards 2013. President and Chief Executive Officer Ab Latiff Abu Bakar said the award will drive the company to continue with its commitment to provide the best services in fulfilling the needs of customers.
“For the past 10 years, Takaful Ikhlas has managed to establish a strong presence in the business of providing Islamic financial protection services based on the Takaful concept, which stresses on a spirit of cooperation and joint responsibility among participants………………………………………..Full Article: Source

Qatar General Insurance and Reinsurance (QGIR) has embarked on strengthening its operations in the regional markets and has been open to overseas investments, especially in the areas of insurance, banking and real estate.
Highlighting that its general takaful was able to achieve “remarkable” results with premium growing 400% in the past five years, Sheikh Nasser said QGRI is focused on expanding the customer base and increasing the market share by adding new branches and providing new lines of products that are compatible with the Islamic Shariah and providing competitive insurance products for Islamic banks’ clients………………………………………..Full Article: Source

The UAE insurance market’s sustained growth path has allowed it to secure its position as the largest and most developed insurance market in the Gulf region in 2011. Its USD 6.6 billion total insurance premiums during the period recorded a 10% increase compared with 2010.
The UAE’s buoyant performance also represented a 45% share of the GCC’s USD 14.7 billion combined gross insurance premiums, placing it well ahead of its neighbor Saudi Arabia, which accounted for less than 34% of the market, according to the world insurance report compiled by the Sigma research unit of global reinsurance group, Swiss Re………………………………………..Full Article: Source

BIMB Holdings Bhd’s net profit attributable to ordinary equity holders of the parent company dropped 10.36% to RM67.13mil on the back of a 17.76% increase in revenue to RM669.17mil for the fourth quarter ended Dec 31, 2012. Thus, earnings per share dropped to 6.29 sen from 7.02 sen. However, on a full-year basis, net profit was up 18.29% to RM250.78mil on the back of a 23.62% increase in revenue to RM2.52bil.
Meanwhile, Takaful Malaysia reported a 31% growth in its profits after taxation and zakat to close the financial year ended Dec 31, 2012 with RM101.2mil. The group’s full-year operating revenue increased by 19% to RM1.61bil………………………………………..Full Article: Source

The Kenya Reinsurance Corporation is planning to venture in sharia-compliant business as it seeks to expand its presence in the growing Islamic finance segment. The local reinsurer has confirmed that it will start ReTakaful insurance in the country and the areas where it already has a presence in West Africa and the Middle East markets.
“There is a change in the insurance market and we want to take full advantage when it fully blossoms,” said the firm’s managing director, Mr Jadiah Mwarania, during an interview at the head office in Nairobi………………………………………..Full Article: Source

The government plans to issue its first sukuk in 2013 to fund energy and mega projects in Egypt, said Dr El-Morsy Hegazy, Minister of Finance at the 7th International Takaful Summit (ITS) in Cairo on Monday. The minister also announced that the sukuk law is in its final stages of being issued as the draft law will be proposed to the Prime Minister within this week before being submitted to the Parliament for approval.
Dr Hegazy says the government is keen to support the financial sector by introducing Shariah-compliant financial tools including sukuk and takaful to expand the range of alternatives for investors. He says these tools will not be developed at the expense of traditional financial products as each has its role………………………………………..Full Article: Source

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Qatar Insurance Company (QIC), which is strengthening its operations both within the country and overseas, has received approval from the Ministry of Business and Trade to garner as much as QR963mn through a rights issue.
The company, which is the dominant player in the domestic sector, is offering 21.41mn shares at QR45 a share (including a premium of QR35 a piece). The rights issue will be on tap for a fortnight from March 4, 2013………………………………………..Full Article: Source

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Takaful has been a haven for many Muslims around the world who consider conventional insurance policies to be haram, or religiously forbidden. Takaful, or Islamic insurance, is one Islamic financial instrument that has been growing robustly as a Sharia-compliant alternative to conventional insurance policies.
Takaful premiums amounted to $12 billion in 2012 globally, with annual growth ranging from 20 to 25 per cent, which is one of the highest growth rates in the financial world, according to Al-Morsi Hegazi, the Egyptian finance minister………………………………………..Full Article: Source

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A major insurance company based in the Middle East intends to expand its reinsurance operations into Bermuda. Qatar Insurance Company has embarked on a five-year plan, which includes setting up operations for its reinsurance arm in Bermuda and Zurich.
The company intends to open these new Q-Re operations before the end of the year. Eonomic Development Minister Grant Gibbons said yesterday: “We are pleased to see a leading Gulf-Region insurer increasing its presence in Bermuda and bringing top quality capital to our island.”…………………………………Full Article: Source

Takaful Ikhlas Sdn Bhd’s new health product introduced in September 2012, ChoicePlus, has registered a contribution of RM12.16 million involving 57 companies and has covered 21,000 lives. ChoicePlus is a medical aid card targeting all employers in Malaysia for the purpose of looking after their employees’ health and welfare.
Is President and Chief Executive Officer, Ab Latiff Abu Bakar, said the company targets an annual contribution of RM66.5 million from ChoicePlus with the participation of more than 70,000 members and 200 companies………………………………….Full Article: Source

Oman United Insurance Co is planning to launch takaful operations and its board of directors has agreed in principal to incorporate a company to handle Sharia-compliant insurance products.
“The board of directors has agreed in principle to incorporate a takaful insurance company and suggested to discuss this in the annual general ordinary meeting scheduled on March 28, 2013 for consideration and approval,” the company said in a disclosure to the Muscat Securities Market on Tuesday………………………………….Full Article: Source

Al Khaleej Takaful Insurance and Reinsurance’s net profit for fiscal year ending December 31, 2012 is up to QR78.2 million, an increase by 23.34 percent over QR63.4 million achieved in 2011.
The company’s Earnings Per Share (EPS) this year are QR5.50 compared to QR4.46 in 2011, according to Qatar Exchange notification Wednesday………………………………….Full Article: Source

Takaful prospects for the African market has huge potential but also posed challenges which must be faced and met by the takaful industry if it is to get a foothold on the continent. Some of the challenges included the lack of public awareness about the takaful industry, as well as the lack of available financial infrastructure necessary for the industry to truly kick off in Africa.
Managing Director of Africa Retakaful Omar Gouda said that the industry needs to provide solutions through a variety of means that people trust and understand. “The products that we are supplying, the distribution channels we are employing, and the rules and regulations we adhere to, must all be understood clearly by everyone,” he said………………………………….Full Article: Source

Islamic insurance (Takaful) is flourishing all around the world alongside Islamic Banking. Its global market size has reached 12 billion USD whereas the number of Islamic Takaful institutions has exceeded to 350. These views were expressed by Muhammad Zubair Mughal, the Chief Executive Officer of AlHuda Centre of Islamic Banking and Economics (CIBE) at the inauguration of AlHuda CIBE’s subsidiary “Takaful Consultancy Wing”.
The inaugurated was held by Justice (r) Khalil Ur Rehman, Shai’ah Advisory of AlBarkah Bank in the ceremony organized at the head office of AlHuda Centre of Islamic Banking and Economics. Captain Jamil Akhtar Khan, Ex Chief Executive Officer, Takaful Pakistan, Abdul Samad, the Shari’ah Advisory Bank of Khyber and other prominent personnel of Islamic banking industry attended the ceremony…………………………………….Full Article: Source

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Islamic insurance (Takaful) is flourishing all around the world alongside Islamic Banking. Its global market size has reached 12 billion dollar whereas the number of Islamic Takaful institutions has exceeded to 350.
Banking industry experts said that though Takaful industry is prospering in the recent times; however it’s also facing certain challenges which include: issues regarding re-Takaful, regulatory challenges, competition and lack of human capital. These issues can be resolved by employing effective strategies and through proper planning…………………………………….Full Article: Source

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Islamic insurance (Takaful) and Islamic Banking is flourishing all around the world. Global market size of Takaful has reached to $12 billion and Islamic Takaful institutions have exceeded to 350.
Muhammad Zubair Mughal Chief Executive Officer of AlHuda Centre of Islamic Banking and Economics (CIBE) said though Takaful industry was prospering in the recent times, however it was also facing certain challenges which included issues regarding re-Takaful, regulatory challenges, competition and lack of human capital………………………………………..Full Article: Source

Leaders within the takaful insurance industry, a Sharia-compliant for of insurance services, have predicted continued high rates of growth within the sector ranging between 15% to 20% over the next several years. This has enabled the sector to secure high profits as demand increases for financial services in Egypt’s banking industry.
Although takaful insurance companies have witnessed high rates of growth, many experts have noted that they too suffer from many of the same problems plaguing commercial insurance companies, such as an overall decrease in the amount of salaries and wages, in addition to other factors associated with the general slowdown of Egypt’s economy………………………………………..Full Article: Source

The Egyptian Life Takaful Company garnered some EGP 60m in installments by the end of the first half of the 2012/2013 financial year. Hesham Abdel Shakour, the CEO of the company, revealed to Al-Borsa that his company is targeting EGP 120m installment dues by the end of the current year, noting that they achieved EGP 45m in installments after the first year of restructuring the company in 2011.
He said that the company achieved EGP 16m by 30 June 2011, which points to the stability of the installments growth rate above 250% annually, the same rate targeted by the end of the year………………………………………..Full Article: Source

The Takaful Consultancy Wing, a subsidiary of AlHuda Centre of Islamic Banking and Economics (CIBE), will provide services to other organisations for the establishment of new Takaful companies, research, advisory, training, reTakaful and offer Shari’ah guidance on Takaful-related matters. It will be a distinguished institution because of its services.
The inauguraation was held by Justice (r) Khalil Ur Rehman, Shari’ah Advisory of AlBarkah Bank in a ceremony organised at the head office of AlHuda CIBE in Lahore, Pakistan. Captain Jamil Akhtar Khan, former Chief Executive Officer, Takaful Pakistan and Abdul Samad, the Shari’ah Advisory of Bank of Khyber also attended the ceremony………………………………………..Full Article: Source

JCR-VIS Credit Rating Company Limited (JCR-VIS) has upgraded the IFS rating of Pak Qatar Family Takaful Limited (PQFTL) from ‘A-’ (Single A Minus) to ‘A’ (Single A). Outlook on the rating is ‘Stable’.
The upgrade reflects PQFTL’s increasing presence in the Family Takaful (Life Insurance) market. PQFTL has witnessed significant growth in contributions through distribution of unit linked Individual Family products. Business generated through the Bancatakaful channel has been another key driver of growth in contributions. Productivity indicators of dedicated agency sales force have improved significantly………………………………………..Full Article: Source

The risk-based capital (RBC) framework for the takaful industry is a necessary medicine for healthy growth, especially to an industry still very much in a growing stage, says the Malaysian Takaful Association (MTA).
“No doubt the takaful RBC (RBCT) is a painful exercise for some, but I take it as the necessary medicine the industry must digest to ensure long-term survivability and to enhance international credibility of the Malaysian takaful industry,” MTA’s chairman Zainudin Ishak told Business Times………………………………………..Full Article: Source

Inconsistent regulation across the Gulf’s takaful (Islamic insurance) industry is hurting profit margins and credit ratings, while leaving the door open to regulatory arbitrage, according to global insurance rating agency A.M. Best.
New rules in Oman and updated ones in Bahrain are expected this year, but lack of coordination among regulators is making life difficult for takaful operators, said Vasilis Katsipis, Dubai-based general manager for market development at the firm………………………………………..Full Article: Source

Inconsistent regulation across the Gulf’s takaful (Islamic insurance) industry is hurting profit margins and credit ratings, while leaving the door open to regulatory arbitrage, according to global insurance rating agency A.M. Best.
New rules in Oman and updated ones in Bahrain are expected this year, but lack of coordination among regulators is making life difficult for takaful operators, said Vasilis Katsipis, Dubai-based general manager for market development at the firm………………………………………..Full Article: Source

Vasilis Katsipis, general manager of market development for A.M. Best Co. Inc.’s MENA, South & Central Asia and Dubai units, said that the fast growth of takaful has increased competition for conventional insurers.

Mr. Katsipis noted that takaful companies’ portfolios are very similar to those of a conventional insurer. Instead of competing with Shari’ah-compliant products for similar business, they must provide something new to add value, he said………………………………………..Full Article: Source

The Central Bank of Bahrain (CBB) will introduce new rules this year to enhance the operational model of Takaful. The Central Bank of Bahrain is in the final stages of developing a new model for Bahrain’s Takaful industry, Abdul Rahman Mohammad Al Baker, Executive Director of the Financial Institutions Division at the Central Bank of Bahrain, said.
“We are in the process of finalising a new model for Takaful, which will open the doors for quite a few players in the market, specifically international players, whereby we calculate the solvency differently than the existing standard. It has already received the approval of more than 20 Shari’ah clerics,” Al Baker said……………………………………Full Article: Source

Because Takaful companies are competing for the same market as conventional insurers, with much the same product offering, local markets could come under strain, according to Vasilis Katsipis, General Market of Market Development for A.M. Best.
Takaful is growing faster than traditional insurance, which increases the competition to conventional insurers, according to Katsipis. “Very few Takaful companies have actually focussed in developing new offerings, they are competing with a Shari’ah-compliant product for the same type of business,” he explained……………………………………Full Article: Source

The development of Takaful regulation in the GCC varies significantly country by country, creating an uneven playing field, according to a new report from A.M. Best.
The levels of policyholder protection differ from one state to another, which has created opportunities for Takaful operators to pursue regulatory arbitrage, according to a new report from A.M. Best Co. This special report maps the provisions for Takaful regulation in the GCC and identifies the implications for policyholder protection and its impact on A.M. Best ratings………………………………………..Full Article: Source

While the takaful industry has been developing rapidly in the countries of the Gulf Cooperation Council, the development of takaful regulation varies significantly country by country, according to a new special report featured in BestWeek Asia-Pacific. As a result, the levels of policyholder protection differ from one state to another, which has created opportunities for takaful operators to pursue regulatory arbitrage.
Indeed, there is significant debate as to the right level of regulation. Market participants in some of the more demanding regimes consider the regulations to be stifling their companies. A.M. Best believes the solution is not less regulation but more consistent application of regulation throughout the region, which has the potential to provide sufficient policyholder protection, and thus safeguard the long-term viability of the takaful industry. (Press Release)

Bahrain insurance market registered solid growth during the third quarter of 2012, with its gross premiums increasing to BD184.11 million ($480.6 million) by the end of September 2012, up 9 per cent over the same period a year ago.
Announcing this on Tuesday, the Central Bank of Bahrain (CBB) attributed a significant part of the increase to a surge in long-term insurance (Life & Savings Products), registering around 17 per cent increase in gross premiums to reach BD42.34 million in September 2012 compared to BD36.06 million the previous year, representing almost 23 per cent of the gross premiums written in September 2012………………………………………..Full Article: Source

Amãna Takaful, one of Sri Lanka’s fastest growing composite insurers recently presented its annual plan cascade to its staff. Under the theme ‘We Are Winning’, all staff members were presented with the 2012 performance of the company highlighting the year and the milestones achieved above expectations on many fronts.
“We are winning. Our growth trajectory is promising and we have expanded to new markets in 2012. This year we are even more bullish to reach the homes and offices of more Sri Lankans to introduce them to the concept of Takaful through products of mutual value”, said Fazal Ghaffoor, Chief Executive Officer, Amana Takaful PLC, making a presentation to the audience that had converged from all branches………………………………………..Full Article: Source

With the move to risk-based capital (RBC) and market liberalisation well underway, the Malaysian insurance sector is poised for a flurry of activities and consolidation, an entry into one of the world’s most potentially lucrative markets.
A second wave of mergers and acquisitions in the insurance and takaful markets is about to get underway, linked to a new regulatory requirement and new strategies, Oxford Business Group (OBS) highlighted in its Malaysia Report. This followed a first wave that came after the insurance authorities moved to implement RBC requirements for conventional insurers………………………………………..Full Article: Source

The Central Bank of Bahrain announced that the Bahrain insurance market posted a growth during the third quarter of 2012, with gross premiums increased by around 9% over the same period of 2011 to register BD 184.11 million in Bahrain Insurance Market by end of September 2012.
A significant part of this increase attributed to a surge in Long-term insurance (Life & Savings Products), registering around 17% increase in gross premiums to reach BD 42.34 million in September 2012 compared with BD 36.06 million in September 2011, representing almost 23% of the gross premiums written in September 2012………………………………………..Full Article: Source

Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) posted a net profit of SAR 1,477 thousand for the 4th quarter compared to a net profit of SAR 5,125 thousand for the corresponding quarter of 2011, a decrease of 71.2 per cent.
Al Rajhi Takaful posted a net profit before Zakat of SAR 2,118 thousand for the 4th quarter of 2012 compared to a net profit before Zakat of SAR 5,125 thousand for 2011, a decrease of 58.7 per cent………………………………………..Full Article: Source

Khazanah Nasional Bhd’s acquisition of a 49% stake in life insurer CIMB Aviva Assurance Bhd and CIMB Aviva Takaful Bhd is a “safer bet” for Khazanah, said Inter-Pacific Securities head of research Pong Teng Siew.
“Khazanah’s biggest problem is finding investments that fit their requirements thus financial institutions are safer bets for them,” he told SunBiz. Khazanah has exposure to the insurance scene through its stakes in ACR Capital Holdings Bhd, Asia Capital Reinsurance Malaysia Sdn Bhd and ACR ReTakaful Holdings Limited which are present in the reinsurance and retakaful business………………………………………..Full Article: Source

Khazanah Nasional Bhd has partnered Canadian insurer Sun Life Financial Inc to buy a 98% stake in life insurer CIMB Aviva Assurance Bhd and CIMB Aviva Takaful Bhd for RM1.8 billion, which includes entering into a 20-year exclusive bancassurance agreement with CIMB Bank Bhd.
Khazanah and Sun Life are each acquiring 49% of the two companies from CIMB Group Holdings Bhd and Aviva International Holdings Ltd respectively. CIMB Group currently owns 51% of the joint ventures and Aviva holds the rest, but following the deal CIMB Group will retain a 2% interest in CIMB Aviva and CIMB Takaful. The proposed acquisition by Sun Life and Khazanah is subject to regulatory approvals in Canada and Malaysia. The transaction is expected to close by the first half of 2013………………………………………..Full Article: Source

AmBank Group is looking to sell a stake in its insurance arm to a new partner by June, a report said, adding that it had received interest from several unidentified parties.
Managing director Ashok Ramamurthy was quoted as saying in a Bloomberg report it wanted to sell its stakes in its conventional and Islamic insurance units, slightly more than a week after it repurchased the 30% stake in AmLife and AmFamily Takaful from its joint-venture partner Resolution Ltd. It completed the acquisition for RM245mil, implying a price-to-book value multiple of 1.7 times………………………………………..Full Article: Source

Malaysia’s AMMB Holdings Bhd aims to sell stakes in both its conventional and Islamic insurance arms by June, potentially extending last year’s run of Asian deals involving global insurers.
“We’d like a partner and we’re open to any types of [partnership] model depending on valuations and who those partners are,” Managing Director Ashok Ramamurthy said in an interview this week. Several parties have shown interest but the company has yet to evaluate them closely, he said………………………………………..Full Article: Source

The Sharia-compliant takaful (insurance) industry is on the rise, with the sector forecast to be worth US$12 billion (Dh44bn) at the end of last year, according to a report by Ernst & Young. The UAE is one of the biggest markets for takaful and it is available to Muslims and non-Muslims alike. Abdulfattah Nasri explains what it’s about and why it could be a good option for people seeking ethical insurance products.
The spreading influence of Islamic banking and insurance products is notable and of increasing interest across the world. It is now possible to get Sharia-compliant cover - known as takaful - for just about every area of risk………………………………………..Full Article: Source

Syarikat Takaful Malaysia Bhd (Takaful Malaysia) contributed RM250,000 to Universiti Teknologi Mara (UiTM) to help produce professionals in actuarial science among its students.
Takaful Malaysia Group Managing Director Datuk Hasan Kamil said the fund was part of the company’s social obligation under the “Takaful myJalinan Ilmu” programme introduced in 2009………………………………………..Full Article: Source

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Takaful Ikhlas Sdn Bhd has appointed Ab Latiff Abu Bakar as president and chief executive officer (CEO) of the general and family takaful company .
Latiff, who holds a Bachelor Degree in Business Administration from the University of Portland, US, brings with him over 20 years of experience including senior management positions in insurance and takaful companies………………………………………..Full Article: Source

At its regular session the Board of Executive Directors of the Islamic Development Bank resolved to submit a memorandum on the fifth general increase in the Bank’s authorized and subscribed capital to the annual meeting of the IDB Board of Governors scheduled to take place in Dushanbe, Tajikistan, during 21-22 May 2013.
The Bank reports that an increase in the IDB capital aims to enable to bring comprehensive development in member countries and Muslim communities in non-member countries………………………………………..Full Article: Source

The Malaysian takaful sector is expected to grow by 20% per year for the next two years as consumer acceptance grow and regulatory changes provide infrastructure for syariah-compliant insurance.
According to an industry report by OSK Investment Bhd, more people and companies will buy into takaful products, providing liquidity in sukuk and syariah-compliant instruments even as the industry is able to increase capacity to cater to the demand………………………………………..Full Article: Source

Resolution Ltd has disposed of its 30% stake in AmLife, AmFamily Takaful to its joint venture partner, AmBank Group for RM245mil. It said on Monday following the sale and the benefit of a currency hedge, Friends Life Group plc would receive about £50mil cash.
“Following discussions with the AmBank Group, Friends Life concluded that the business required a greater level of short term investment and commitment to meet its growth potential than was appropriate for Resolution to provide,” it said………………………………………..Full Article: Source

AMMB Holdings Bhd will buy back its 30% stake in its insurance and takaful business units from Friends Life FPL Ltd, only to look for another strategic partner within a year of completing the deal.
The Ministry of Finance on Monday approved AMMB’s unit AMAB Holdings Sdn Bhd’s buy back of a 30% stake each in AmLife Insurance Bhd and AmFamily Takaful Bhd (AmTakaful) from Friends Life. The approval for the repurchase, came with a condition that AMAB sells part of its stake in AmLife and AmTakaful within one year of the completion of the buy back process to another strategic partner………………………………………..Full Article: Source