KUALA LUMPUR (April 14): MNRB Holdings Bhd has been given the green light to carry on its general retakaful and family retakaful business, effective April 13.

In a filing with Bursa Malaysia today, MNRB said its wholly-owned subsidiary, Malaysian Reinsurance Bhd (Malaysian Re), has on April 14, 2016 received the licence granted by the Minister of Finance to carry on general retakaful business and family retakaful business.

As announced earlier, the MNRB group had undertaken an internal restructuring exercise for its retakaful business.

Under this exercise, the general retakaful business and the family retakaful business is to be undertaken by Malaysian Re, through its newly-established retakaful division.

Meanwhile, MNRB’s other wholly-owned subsidiary MNRB Retakaful Bhd shall not underwrite any new businesses and will go on managing its outstanding business portfolios.   

“Malaysian Re will, for now, underwrite general retakaful business, whilst the family retakaful business will be offered at a later date,” it added.   

To recap, Malaysian Re had been granted an approval from Bank Negara via a letter dated April 16 last year to conduct general and family retakaful business via the establishment of a takaful division.

Shares of MNRB closed 4 sen or 1.38% higher at RM2.95 today, with 30,100 shares traded, for a market capitalisation of RM628.56 million.