Malaysia Issues Islamic Insurance Licenses to AIA, ING, AMMB

Malaysia’s finance ministry has approved four family takaful licenses to four joint-venture groups including one between American International Assurance Bhdd. and Alliance Bank Malaysia Bhd.

The other partnerships are between AMMB Holdings Bhd. and Friends Provident Group Plc.; ING Management Holdings (Malaysia) Sdn., Public Bank Bhd. and Public Islamic Bank Bhd.; and between Great Eastern Life Assurance Co. and Koperasi Angkatan Tentera Malaysia Bhd., according to a central bank statement today.

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