Hong Kong-based insurer FWD Group has launched Islamic insurance known as takaful in the Malaysia market.

The new entity will operate under the name FWD Takaful, in which FWD parent Pacific Century Group will own a 49% stake and JAB Capital will have a 31% interest.

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The remaining 20% holding is owned by Malaysian Employees Provident Fund (EPF), as per the data available at Companies Commission Malaysia.

The latest move follows FWD’s acquisition of a 49% stake in HSBC Amanah Takaful (Malaysia) this March.

Malaysia finance minister Lim Guan Eng said: “The entry of FWD Takaful into the Malaysian market certainly bodes well for the local insurance and takaful industry.

“It will provide Malaysians with more competitive choices of takaful plans for themselves and their families, and reflects the growth potential of Malaysia’s takaful industry.

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“This is also in line with the government’s commitment to assist Malaysian households to become more financially resilient through insurance and takaful protection.”

Malaysia is FWD’s ninth market since its inception in 2013.

Apart from Hong Kong and Malaysia, the company has operations in Macau, Thailand, Singapore, Vietnam, Indonesia, Japan, and the Philippines. The company’s service suite now includes life and medical insurance, general insurance, family takaful as well as employee benefits.