FWD Group buys stake in Malaysian takaful insurer

Posted On: Mar. 26, 2019 6:25 AM CST

Hong Kong-based insurer FWD Group Management Holdings Ltd. has purchased a 49% stake in HSBC Amanah Takaful (Malaysia) Berhad to expand its Islamic insurance operations in Malaysia, Asia Asset Management reported. Under the deal, FWD will rename HSBC Amanah Takaful to FWD Takaful Berhad. The insurer has appointed Salim Majid Zain as chief executive officer of FWD Takaful. The insurer purchased the stake from Hong Kong-based HSBC Insurance (Asia Pacific) Holdings Ltd.