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Prudential launches Islamic financial services collaboration in Malaysia

Prudential and Bank Simpanan Nasional Bhd (BSN) have launched a takaful joint venture, Prudential BSN Takaful Berhad (PBTB), to serve the growing Malaysian market for Islamic law compliant banking and insurance services.

The new joint venture will offer a range of takaful savings, protection and investment products which have been developed with the unique needs of Bumiputra (Muslim Malays), who make up 60% of the population, in mind.

Encik Mohamad Salihuddin Ahmad, CEO of the new joint venture, commented: We will focus on understanding the needs of Malaysian customers and designing products to meet these needs. With many Bumiputra customers under-insured, we believe there is an opportunity to launch new family and general takaful products, including an investment-linked takaful product.

PBTB head office is located at the Prudential Building in central Kuala Lumpur. BSN and Prudential hold 51% and 49% respectively of the joint venture company.