Takaful Malaysia still on the hunt for strategic partner in Indonesia
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.