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American International Assurance wins takaful license in Malaysia

AIA Bhd, the Malaysian business unit of American International Group's life insurance unit American International Assurance, has won its first international takaful or Islamic insurance license, according to Reuters.

The license was provided by Malaysia’s central bank. Using this license, American International Assurance (AIA) Takaful International Bhd, a business unit of AIA Bhd, will offer family and general takaful and takaful re-insurance in international currencies.

Participants of the insurance policy contribute funds to the policy, which can be used to provide coverage for suffering customers. These funds are invested according to sharia or Islamic law.

Recently, American International Group has been rescued by the US Federal Reserve with an $85 billion loan.