May 29 2011 |
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Motor Takaful Bypass for Malaysia
By Paul McNamara Bank Negara Malaysia has been vocal about the implementation of a New Motor Cover Framework that looks at motor insurance and motor Takaful in Malaysia.The New Framework should take effect in January 2012 and will address the structural issues within the motor insurance and Takaful sector: 'This new framework will address in particular the concerns of high premiums and difficulty in having access to motor cover," according to Bank Negara.
The central bank wants all Takaful operators in the country to offer motor insurance coverage within three months. At present only four of the eight Takaful operators in Malaysia provide motor Takaful. HSBC Amanah Takaful, a joint venture between HSBC Insurance (Asia Pacific) Holdings (49%), Jerneh Asia (31%) and the Employees Provident Fund (20%), thinks there might be another way to tackle the problem.
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