<div class=newsTextDataWrapInner><p><span style="font-style: italics;">This article first appeared in The Edge Financial Daily on September 14, 2017 - September 20, 2017</span></p></div><div class=newsTextDataWrapInner><p>KUALA LUMPUR: Syarikat Takaful Malaysia Bhd (STMB) is set to transfer its general takaful business to a newly incorporated entity, Syarikat Takaful Malaysia Am Bhd (STMAB).</p></div>

<div class=newsTextDataWrapInner><p>“STMAB is currently dormant but its intended principal activity is to undertake the general takaful business currently operated by STMB,” the Islamic insurer provider said in a filing with Bursa Malaysia yesterday.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>“As previously announced by the company, the family takaful business of the company will continue to be carried on under its proposed new name, Syarikat Takaful Malaysia Keluarga Bhd,” STMB added.</p></div>

<div class=newsTextDataWrapInner><p>STMAB was incorporated upon receipt of approval from Bank Negara Malaysia on Aug 7 for STMB to undertake an internal reorganisation in order to comply with the requirement stipulated under the Islamic Financial Services Act 2013 (IFSA).</p></div>

<div class=newsTextDataWrapInner><p>Under Section 16 of the IFSA, a licensed takaful operator is not allowed to operate both family and general takaful businesses under one entity.</p></div>

<div class=newsTextDataWrapInner><p>Currently, STMB holds a composite takaful licence, which enables it to provide both general and family Islamic insurance services.<br />
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KUALA LUMPUR: Syarikat Takaful Malaysia Bhd (STMB) is set to transfer its general takaful business to a newly incorporated entity, Syarikat Takaful Malaysia Am Bhd (STMAB).

“STMAB is currently dormant but its intended principal activity is to undertake the general takaful business curre...

Syarikat Takaful to transfer general insurance business to new entity

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