HSBC to JV on an Islamic insurance company in Malaysia

HSBC pairs up with a Malaysian insurance company and the nation''s provident fund to create an Islamic insurance company.

In the latest move that demonstrates Malaysia wants to step up its offerings of Islamic products, HSBC Insurance Asia Pacific Holdings Limited has obtained approval from Bank Negara Malaysia to form a joint venture Islamic insurance company in Malaysia in partnership with Jerneh Asia Berhad and The Employees Provident Fund of Malaysia EPF.

The plan calls for HSBC Insurance to take up 49% of the equity in the new company for a consideration of M$49 million $13 million. Jerneh Asia will take a 31% stake for M$31 million and EPF will take 20%, injecting M$20 million into the joint venture.

Jerneh Asia, through its...

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