Wednesday, Sep 01, 2010
SINGAPORE (Dow Jones)--Great Eastern Holdings Ltd. (G07.SG) said Wednesday Bank Negara Malaysia has approved a family takaful licence for a joint venture between the insurer and Koperasi Tentera in Malaysia.
Great Eastern will hold a 70% stake in the joint venture, Great Eastern Takaful, with Koperasi Tentera holding the remaining 30%.
"The family takaful licence will enable Great Eastern Takaful to distribute shariah-compliant life insurance products in Malaysia," Great Eastern Chairwoman Fang Ai Lian.
Fang said Malaysia will serve as Great Eastern's Islamic finance headquarters.
-By Sam Holmes, Dow Jones Newswires; +65-6415-4157; samuel.holmes@dowjones.com
(END) Dow Jones Newswires
01-09-10 1033GMT
