AIA Bhd Receives Malaysia's First International Takaful Operator Licence

Bernama -- American International Assurance Bhd (AIA Bhd), has received Malaysia's first International Takaful Operator(ITO) licence, from Bank Negara Malaysia.
The licence will allow AIA Bhd's wholly owned unit, AIA Takaful International Bank (ATIB), to carry out composite - family and general- takaful and re-takaful business in international currencies.

ATIB has been operational since Sept 15 this year.

"We are now able to offer takaful solutions for the middle and affluent segments of qualified residents and non-residents in Malaysia," said AIA Bhd chief executive officer and director of ATIB, Khor Hock Seng in a statement today.

"This will enable us to tap the growing takaful global market and contribute to the expansion of ATIB's takaful infrastructure. It will also establish Malaysia as a regional centre of excellence for AIA," he added.

As one of the few players in Malaysia offering takaful solutions in international currencies, ATIB is well positioned to benefit from the steady growth of the global and domestic Islamic finance sector.