Takaful Malaysia Bhd Background

Syarikat Takaful Malaysia Berhad (Takaful Malaysia) was incorporated on the 29th of November 1984. The current authorised capital of Takaful Malaysia is RM500 million and paid-up capital is RM162.817 million. It commenced operation on the 22nd of July, 1985 prior to its official launching on the 2nd of August 1985 by the then Prime Minister of Malaysia, Tun Dr. Mahathir Mohamed.

The incorporation of Takaful Malaysia was based on the recommendation of the “Task Force on the Study for the establishment of an Islamic Insurance Company in Malaysia” (Task Force) set up by the Government of Malaysia in 1981. The Task Force in its report concluded that a takaful company based on the principle of al-Mudharabah would be a viable venture in view that its participants would have the opportunity to save, invest and earn profits based on this principle.

Takaful Malaysia was transformed into a public limited company on the 30th of July 1996 followed with the listing of its shares on the Main Board (now known as ‘Main Market’) of Bursa Malaysia Securities Berhad. The capital was then raised to RM55 million. The capital structure since then
has been further enhanced arising out of the restructuring exercise at the end of 2003, resulted in the paid-up share capital of Takaful Malaysia currently stands at RM162.817 million.

BIMB Holdings Berhad is the major shareholder with 60.42% stake in Takaful Malaysia. Under BIMB Holdings Berhad Group, Bank Islam Malaysia Berhad (BIMB), the first Islamic bank of Malaysia is a 100% owned subsidiary of BIMB Holdings Berhad. Apart from banking and takaful, BIMB Holdings Group has interests in stock broking, venture capital, unit trusts and offshore banking. In a way, the BIMB Holdings Group has been the catalyst in actively developing not only Islamic banking and takaful but also Islamic capital market. On 1st of July 2009, BIMB Holdings Berhad became a subsidiary of Lembaga Tabung Haji and its current shareholding in BIMB Holdings Berhad is 54.66%.

Profile of Group Managing director

Y. Bhg. Dato’ Mohamed Hassan Bin Md. Kamil has been Group Managing Director of Syarikat Takaful Malaysia Bhd since April 1, 2007. En. Y. Bhg. Dato’ bin Md. Kamil was on the board as Group Managing Director of Asean Retakaful International (L) Ltd. He was also the Acting Chief Executive Officer
of Syarikat Takaful Malaysia Bhd since February 2007. He served as Vice President of Actuarial and Finance at AIA Regional Office, Hong Kong from January 2006 to March 2006.

He was Deputy General Manager (Acting GM) of AIA Indonesia from 2004 to 2005, Senior Vice President and Chief Actuary of ING Insurance Berhad from 2002 to 2004, Chief Operating Officer of Aetna Universal Insurance Berhad from 1999 to 2001, Senior Vice President and Chief Actuary of Aetna
Universal Insurance Berhad from 1996 to 1998, Deputy General Manager of Malaysian National Insurance from 1994 to 1996, Consultant of Tower Perrin, Philadelphia from 1993 to 1994, Assistant Vice President of Travelers Insurance, Hartfort from 1992 to 1993, Actuarial Manager of Travelers
Insurance, Hartfort from 1990 to 1992 and Actuarial Executive of American Life Insurance, USA from 1987 to 1990.

Y. Bhg. Dato’Mohamed bin Md. Kamil served as the Chairman of the Board of Commissioners at P.T. Asuransi Takaful Keluarga. He has been Director of Syarikat Takaful Malaysia Bhd since September 1, 2006. He was Director of Islamic Banking and Finance Institute Malaysia Sdn. Bhd. He also served as Independent Non Executive Director of Scomi Marine Bhd (formerly HABIB Corporation Berhad) from November 19, 1997 to October 3, 2005. He was an
Executive Director of BIMB Holdings Berhad from April 2006 to March 2007.

He is a Chartered Life Underwriter from American College, Fellow of the Society of Actuaries, Member of American Academy of Actuaries, Ambassador of the Society of Actuaries, USA and President of the Actuarial Society of Malaysia. He holds Bachelor of Science in Actuarial Science from the University of Iowa, USA. Y. Bhg. Dato’ bin Md. Kamil holds Masters of Business Administration in Finance from University of Iowa, USA

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