ENTRY OF NEW PLAYERS TO ENHANCE TAKAFUL INDUSTRY, SAYS AIA

KUALA LUMPUR, Sept 2 (Bernama) -- The entry of more new players into the
financial system will enhance the breadth and depth of takaful solutions in
Malaysia, according to American International Assurance Bhd (AIA).

AIA and its joint venture partner Alliance Bank Malaysia Bhd have received
approval from central bank Bank Negara Malaysia to operate a family takaful
licence business.

The new joint venture will offer a range of takaful savings, protection and
investments products which will be developed to meet the unique needs of
customers in Malaysia, AIA said in a statement Thursday.

"We are pleased to partner with Alliance Bank as the collaboration will
strengthen our distribution capabilities in the family takaful sector and reach
more customers," said chief executive officer Khor Hock Seng.

Khor said the partnership will contribute to Malaysia's position as an
international Islamic financial centre and the overall development of the
economy and financial sector.
-- BERNAMA