Malaysian Islamic insurer Hong Leong MSIG
Takaful Bhd (HLMT) will have its fifth leadership change in 10 years as company CEO Wan Mohd Fadzlullah Wan Abdullah steps down from his post.
Wan Mohd Fadzlullah submitted his resignation papers on April 22 and is currently on leave, according to an online report by Malaysian newspaper The Sun Daily.
The report cited an industry executive who claimed that Wan Mohd Fadzlullah’s differing opinions with the company management made him resign from his position, which he has held since September 2013.
HLMT has not appointed an interim CEO following Wan Mohd Fadzlullah’s resignation, the report added.
Wan Mohd Fadzlullah has left the top post at HLMT after spending more than a decade in the company serving in various roles.
He succeeded Mohd Fauzi Yaakub who also left HLMT due to an alleged clash within the company.
According to The Sun Daily
, Fauzi’s departure was supposedly due to a dispute over the insurer’s future strategic direction with HLA Holding Sdn Bhd, a part of Hong Leong Financial Group (HLFG) which owns a 65% stake in HLMT.
HLMT is a joint venture between HLFG, a leading banking and financial services holding company in Malaysia, and Japan’s Mitsui Sumitomo Insurance.
The Islamic insurer is a composite takaful operator offering both family (life) takaful and general takaful products.
Based on Sharia law, takaful is a type of Islamic insurance, where members contribute funds into a pooling system in order to ensure each other against loss or damage.