Friends Life and AMAB were conditionally granted a licence to manufacture and sell takaful business, which is the Islamic alternative to conventional life insurance business, through a new joint venture company in Malaysia in 2010.
The establishment of AmFamily Takaful has been subject to the prescribed Malaysian regulatory start-up process and commencement of trading is subject to final approval from Bank Negara Malaysia the Malaysian regulator.
Initial paid-up capital of AmFamily Takaful will be RM100 million (approximately Â£20.4m), of which Friends Life is contributing RM30 million (approximately Â£6.1m) in cash with the remaining RM70 million being contributed in cash by AmBank Group. The Chief Executive Officer of AmFamily Takaful will be Wan Zamri Wan Zain.
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