Jens Reisch

Allianz still keen on takaful business but ‘in no rush’

German insurer Allianz Malaysia is still keen on takaful business but is in no rush to get a licence, according to its CEO Jens Reisch. The Bursa Malaysia-listed company is involved in both general and life businesses, but unlike most other insurers, it does not have any takaful tie-ups. Reisch added that Bank Negara Malaysia (BNM) is not issuing any new takaful licence. He believes, however, that the implementation of the Islamic Financial Services Islamic Act (IFSA) will consolidate the industry and require additional capital for family takaful licence. Reisch also said that they were reviewing takaful constantly and closely, and if there was a chance to get a licence or a chance to team up or acquire another takaful company, his company would explore.

Syndicate content