KUALA LUMPUR (Jan 9): AmBank Group and Friends Life Group of UK have teamed up to set up AmFamily Takaful Bhd (AmTakaful) to tap into the family takaful business where the market penetration is very low.

The companies said that AmTakaful, the 12th licensed takaful operator in Malaysia, would carry on the family takaful business with effect from Monday following the soft launch ceremony.

“By combining the expertise of its shareholders (namely AmBank Group and Friends Life Group), as well as Shariah principles and values, AmTakaful will be introducing a wide range of family takaful solutions to meet the evolving lifestyle needs of all Malaysians,” they said in the statement.

The chairman of AmBank Group and AmTakaful, Tan Sri Azman Hashim pointed out there was a huge business opportunity as market penetration rate for family takaful business in Malaysia was relatively low and remains largely untapped.

“AmTakaful’s range of family takaful products will appeal to all Malaysians in line with Bank Negara Malaysia’s efforts in actively promoting Islamic finance as an additional avenue for Malaysian consumers in meeting their financial services needs” he said.

The managing director of Friends Life’s international businesses John Van Der Wielen said: “This development marks the beginning of an exciting period of additional growth for both AmBank Group and Friends Life Group.”

The company will be led by Wan Zamri Wan Zain as chief executive officer, who has over two decades of experience in the field of banking, investment, insurance and takaful.