Bank Rakyat has signed an implementation agreement with MNRB Holdings Bhd (MNRB) for the proposed acquisition of Takaful Ikhlas Family Bhd and Takaful Ikhlas General Bhd, collectively known as Takaful IKHLAS.
The proposed acquisition would expand Bank Rakyat’s Shariah-compliant financial services beyond banking, allowing the development financial institution to offer takaful solutions alongside financing, wealth creation, wealth management and financial protection.
Chairman Datuk Mohd Irwan Mohd Mubarak said the move would strengthen the Islamic financial ecosystem while supporting financial inclusion and protection for households, businesses, cooperatives and micro, small and medium enterprises.
“This proposed acquisition marks a strategic investment by Bank Rakyat to scale its Shariah-compliant offerings while bolstering Malaysia’s Islamic financial ecosystem,” he said.
The bank said bringing Takaful IKHLAS into the Group would also help address gaps in its current product offering, particularly for underserved and unserved customer segments.
Group Chief Executive Officer Ahmad Shahril Mohd Shariff said the acquisition was aimed at expanding the Group’s developmental role while strengthening its distribution network, service delivery, operational efficiency and business capabilities.
“The acquisition of Takaful IKHLAS by the Group is not just about value creation but also in creating greater capacity and capability in expanding the developmental role of the Group,” he said.
Established in 2002, Takaful IKHLAS is a takaful operator offering family and general takaful solutions to individuals, businesses and corporate clients.
