MAA PLANS TAKAFUL PROJECT WITH SOLIDARITY

Malaysia Assurance Alliance (MAA) is to launch its first takaful investment-linked products for the domestic and West Asian markets in co-operation with Bahrain-based Solidarity, with which it recently signed a 75:25 joint venture agreement. MAA Holdings chairman Tunku Ya’acob Tunku Abdullah said that the takaful investment-linked plan would likely be launched about six months after the takaful company begins operations in June. He said that the joint venture would be used as a springboard into the global markets, particularly in Islamic countries. Tunku Ya'acob said Solidarity could want to take a stake in MAA's 90%-owned life company in Indonesia, MAA Life, which is being converted into a specialist takaful company. “We have mentioned it to Solidarity, but so far, we have decided not to go further as we want to sort out the takaful business in Malaysia first”, he said.