Foreign investment limit raised to 70%

Overseas insurers will also be allowed to hold majority stakes in takaful companies

Malaysia has further opened its insurance industry to foreign investors allowing them to hold as much as 70% of a local insurer. Under the changes, announced by Malaysian prime minister Datuk Seri Najib Tun Razak recently, foreign players will be able to control insurance and banking companies for the first time. Until now, foreign insurers have been limited to 49%.