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Saturday, 6 December 2008

Takaful Malaysia gets BNM nod for injection of RM22m into ATK, Indonesia

KUALA LUMPUR: Syarikat Takaful Malaysia Bhd has obtained Bank Negara Malaysia’s approval for the proposed injection of RM21.83 million into PT Asuransi Takaful Keluarga (ATK) instead of the latter’s parent company PT Syarikat Takaful Indonesia (STI).

Takaful Malaysia said yesterday the proposed injection was to strengthen the capital structure of ATK, a 99.9%-owned subsidiary of STI, which in turn is 56%-owned by Takaful Malaysia.

It would address ATK’s minimum solvency ratio requirement deficit to comply with the risk-based capital framework requirement of the Indonesian Ministry of Finance. It intended to use the remaining proceeds from the rights issue in 2003 to fund the proposal, which is subject to the Securities Commission’s approval.

“We are positive on the prospects of ATK given that takaful business is a growth industry in Indonesia, largely untapped with current syariah life insurance premium at 1.1% of the total insurance industry,” Takaful Malaysia said.
(The edge daily)
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Alfalah Consulting - KL: www.alfalahconsulting.com 
Islamic finance consultant: www.ahmad-sanusi-husain.com 
Islamic Investment Malaysia: www.islamic-invest-malaysia.com

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