MALAYSIAN FIRM ISSUES FIRST TAKAFUL PRODUCT

Malaysia-based Islamic insurer HSBC Amanah Takaful has issued its first Takaful product, a homeowners’ policy. CEO Keith Driver said that the company was now fully registered as an Islamic insurer with Central bank Negara and that the product had been internally launched on August 11. HSBC Amanah Takaful has a paid up capital of 100m ringgit, with HSBC Insurance Asia-Pacific holding a 49% stake. Locally based Jerneh Asia owns 31% and Employees Provident Fund owns 20%. Mr Driver said that HSBC’s takaful operation would complement the company’s existing range of traditional insurance solutions. Life, non-life and investment-related takaful products would be rolled out over coming months, he said.