AmBank, UK’s Friends start family takaful business

PETALING JAYA (Jan 9, 2012): AmBank Group has formed a joint venture with Friends Life Group of the UK to carry out family takaful business in Malaysia.

AmFamily Takaful Bhd (AmTakaful), which began operations today, is the country's 12th licensed takaful operator.

AmBank Group and AmTakaful chairman Tan Sri Azman Hashim said the market penetration rate for family takaful business in Malaysia is relatively low and remains largely untapped, therefore presenting a huge business opportunity.

"By combining the expertise of (both AmBank Group and Friends Life Group), as well as syariah principles and values, AmTakaful will be introducing a wide range of family takaful solutions to meet the evolving lifestyle needs of all Malaysians," he said in a statement.

AmTakaful is led by Wan Zamri Wan Zain as CEO.

He has over two decades of experience in the field of banking, investment, insurance and takaful, having served in various senior positions in two global financial services providers prior to joining AmTakaful.

"I am excited to be part of AmTakaful as we help to enhance AmBank Group's strategic objective of offering a broad range of Islamic finance solutions — particularly in the Islamic wealth management services," said Wan Zamri.

"Through Friends Life Group, we also have access to international expertise to help introduce a comprehensive range of family takaful solutions to better serve our customers' needs, helping us to achieve our aim to be the trusted family takaful operator of choice for all Malaysians," he added.