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June 26, 2008
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Thursday
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Jamadi-us-Sani 21, 1429
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Maybank plans stake in Takaful company
KUALA LUMPUR, June 25: Malaysia’s Malayan Banking Bhd, the country’s largest in asset terms, plans to buy a 30 per cent stake in Pak-Kuwait Takaful Company Ltd, the Malaysian lender said on Wednesday.
Pak-Kuwait Family Takaful is in the process of applying for licence from the authorities in Pakistan to operate the family takaful (Islamic insurance) business, it said.
It is a joint venture between Pak-Kuwait Investment Company Private Ltd, Allied Bank Ltd and Saudi Pak Industrial and Agricultural Investment Company Limited, Maybank said in a statement.—Reuters
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