Salama also eyes stake in Syarikat Takaful

KUALA LUMPUR: Syarikat Takaful Malaysia Bhd has received Bank Negara Malaysia’s (BNM) nod to start talks with Dubai-based Islamic Arab Insurance Co PJSC (Salama), it said yesterday.

Salama is the second Middle East group that has got approval to start negotiations with Syarikat Takaful Malaysia. On Oct 9, BNM gave its approval to commence discussions with the Abu Dhabi-Kuwait-Malaysia Strategic Investment Corp.

It had also been reported that a partnership with Middle Eastern investors was in line with its move to pursue its growth plans, and a strategic stake taken up by Abu Dhabi-based investors could lead to the issuance of a takaful licence in the UAE to Syarikat Takaful Malaysia.

With more than 120 branches in Malaysia, the company posted a net profit of RM21.2 million for the year ended June 30, 2007 from RM33.4 million last year.

Syarikat Takaful Malaysia is not the only insurer that is negotiating with multiple prospective partners. Malaysian Assurance Alliance is also in talks with several insurers with a view to disposing of a stake in its business.

Courtesy The Edge Daily

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