Zurich Takaful converts its Composite License to two Separate Licenses for Family Takaful and General Takaful

Zurich Takaful CEO Salim Majid Zain

Zurich Takaful Malaysia Berhad (ZTMB) has transferred its general takaful business to a newly-incorporated entity , Zurich General Takaful Malaysia Berhad (ZGTMB), effective 1 June 2018. This is in line with the requirements of the Islamic Financial Services Act 2013 (IFSA).

The transfer covers employees, assets and liabilities, distributors and contracts under the general takaful business. Zuhairi Ismail, formerly Audit Director of Zurich Malaysia has been appointed to the position of Chief Executive Officer (CEO) of ZGTMB.

Zurich General Takaful CEO Zuhairi Ismail

There are no changes to the terms and conditions of the general takaful certificates previously issued by ZTMB. From 1 June onwards, all claims incurred from existing and new general takaful contracts will be managed by ZGTMB.

With Salim Majid Zain continuing as its CEO, ZTMB will maintain its name and continue to operate the family takaful business. There are no changes to the benefits and provisions under existing ZTMB family takaful certificates as a result of these changes.

Zurich Takaful CEO Salim Majid Zain

Both ZGTMB and ZTMB will continue to operate through its combined network of branches across 13 locations nationwide. Customers will continue to receive quality services from their respective ZGTMB brokers and agents as well as ZTMB consultants.

ZGTMB was incorporated in accordance with the requirements set out under the IFSA, whereby a takaful operator holding composite licences shall not carry on both family takaful and general takaful businesses under one single entity.

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