IslamicFinance.de

U.S.-based MetLife will buy 51% stake and 49% stake in AmLife Insurance Berhad (AmLife) and AmFamily Takaful Berhad (AmTakaful), respectively, from Malaysia’s AMMB Holdings. The remaining parts of the firms will be owned by AMMB. The deal, worth $249 million, will help MetLife to expande its reach into the Southeast Asia insurance markets. The proposed transaction follows recent announcements from New York-based MetLife of the formation of a joint venture with Bank for Investment and Development of Vietnam and opening of a representative office in Myanmar. The deal is subject to regulatory approval.

AmTakaful has finally registered with Bank Negara Malaysia allowing it to start selling family Takaful products in the country.
Late last year The Islamic Globe reported on the signing of the shareholder’s agreement between Friends Life and AMMB Holdings.
The license for the JV was issued in 2010 after Malaysia’s 2009 announcement of the liberalization of its financial sector.