As part of Malaysia’s aspiration to be a major player in Islamic banking activities, Bank Negara Malaysia has recently announced the approval of four more new takaful licenses.
Unlike normal insurance products, a takaful product conforms to Syariah rules and regulations which means it does not involve the elements of uncertainty (Gharar) in the contract of insurance, gambling (Maisir) as the consequences of the presence of uncertainty and interest (riba) in its investment activities.
Via Bank Negara Malaysia>>
Bank Negara Malaysia announces today that it has approved four new takaful licences to the following consortiums and joint ventures:1. HSBC Insurance (Asia-Pacific) Holdings Limited, Jerneh Asia Berhad and Kumpulan Wang Simpanan Pekerja;
2. Hong Leong Bank, Millea Asia Pte. Ltd, Japan, and Hong Leong Assurance;
3. Bank Simpanan Nasional and Prudential Holdings Limited; and
4. MAA Holdings Berhad and Solidarity Co., Bahrain
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