Source: The Edge Daily, 24th September 2008
American International Assurance Bhd (AIA Malaysia) announced yesterday that it had received an International Takaful Operator (ITO) licence from Bank Negara Malaysia (BNM).
The licence allows the insurer to undertake takaful business in foreign currency, mainly in US dollars, to residents and non residents. However, this does not put the insurer in direct competition with the others in the already competitive market of Takaful insurance.
At the moment the US dollar denominated Takaful insurance products are sold only in Labuan. The market for this segment of business is niche as the premiums are high.
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