Malaysian Takaful operator sells stake in Colombo firm

Syrarikat Takaful Malaysia Berhad, the biggest Takaful operator in the world, last Tuesday sold its 10 percent stake in Amana Takaful Plc.Ehsan Zaheed, Director/CEO, of the Sri Lankan firm, said the Malaysian company sold its stake in line with a decision to shed its interests in overseas companies.

Amana Takaful was set up in 1999 in collaboration with Takaful Malaysia, catering for both family and general Takaful Insurance. It is first insurance company in Sri Lanka to pioneer the process of refunding the surplus premium at the end of the term.

The Malaysian stake was sold to Amana Investments, which is the largest investor in Amana Takaful, and now would control more than 70 percent of the company.