Thursday 28 Mar 2024
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KUALA LUMPUR (June 4): Zurich Takaful Malaysia Bhd (ZTMB) has transferred its general takaful business to a newly-incorporated entity, Zurich General Takaful Malaysia Bhd (ZGTMB), in line with the requirements of the Islamic Financial Services Act 2013 (IFSA).

IFSA states that a takaful operator holding composite licences cannot carry on both family takaful and general takaful businesses under a single entity.

ZTMB said the transfer of the general takaful business covers employees, assets, and liabilities, distributors and contracts under the general takaful business effective June 1.

"There are no changes to the terms and conditions of the general takaful certificates previously issued by ZTMB.

"From June 1 onwards, all claims incurred from existing and new general takaful contracts will be managed by ZGTMB," it added in a statement.

Former Zurich Malaysia audit director Zuhairi Ismail has been appointed as the CEO of ZGTMB.

ZTMB will maintain its name and continue to operate the family takaful business under the helm of its CEO Salim Majid Zain.

"There are no changes to the benefits and provisions under existing ZTMB family takaful certificates as a result of these changes," said ZTMB.

Both ZGTMB and ZTMB will continue to operate through their combined network of branches across 13 locations nationwide.

 

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