FWD Group, a Hong Kong-based insurer backed by tycoon Richard Li, has formally launched its Malaysian takaful (Islamic insurance) market.
In March, Pacific Century Group, FWD’s parent firm, acquired HSBC Insurance’s 49% stake in HSBC Amanah Takaful (Malaysia) Bhd., becoming the company’s largest shareholder. The company was then rebranded and relaunched in a ceremony on July 29.
The launch event’s guest of honour was Malaysian Finance Minister Lim Guan Eng.
“The entry of FWD Takaful into the Malaysian market certainly bodes well for the local insurance and takaful industry,” said Lim in a statement. “It will provide Malaysians with more competitive choices of takaful plans for themselves and their families, and reflects the growth potential of Malaysia’s takaful industry. This is also in line with the government’s commitment to assist Malaysian households to become more financially resilient through insurance and takaful protection.”
Also present were Li, founder, chairman and CEO of Pacific Century Group; and Salim Majid Zain, chief executive of FWD Takaful.
Malaysia is FWD’s ninth market since it was established in 2013. It began in Hong Kong, Macau, and Thailand, and has expanded through several acquisitions in the region, adding Indonesia, the Philippines, Singapore, Vietnam, Japan, and Malaysia to its markets.
