Takaful Malaysia suspends foreign property foray plans, awaits IFSA clarity

Syarikat Takaful Malaysia has put all future investments on hold until it gets a clearer picture on the newly-enforced Islamic Financial Services Act (IFSA). The takaful player had planned to make its first foray into the overseas property market last year and was vying for high yielding properties in London, the UK. However, with news of sweeping regulatory changes expected to be introduced under the IFSA, Takaful Malaysia is temporarily suspending plans. The firm has to study on how to utilise the required financial holding company as a vehicle for us to purchase foreign properties, according to group managing director Datuk Mohamed Hassan Kamil. As such, Takaful Malaysia is holding back its property purchases for now because later when the company is split into two separate units, it would be difficult with the property investment in the mix. Takaful Malaysia will have about RM335 million for property investment overseas.

Syndicate content