Takaful Malaysia still on the hunt for strategic partner in Indonesia

Posted by on Jul 23rd, 2013 and filed under ASIA, Islamic Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Syarikat Takaful Malaysia remains in the hunt for a strategic partner in Indonesia to help expand its distribution network there. The takaful operator was in talks to sell a stake or issue new shares in its Indonesian unit to a local partner last year, but the deal fell through. According to Takaful Malaysia Group managing director Mohammad Hassan Kamil, the group has not given up on its search for a strategic partner and is still actively scouting. Takaful Malayisa needs a strategic partner to put in the capital as well as provide the necessary expertise and people to help run the company. The Indonesian operations currently contribute less than 15% of the group's total revenue and less than 5% of its earnings. However, analysts say that the group's operations in Indonesia are poised for explosive growth of high double-digit rates in the next two to four years.

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