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