Hong Leong Ends General Takaful

Hong Leong MSIG Takaful Bhd (HLMT),a 65%-owned subsidiary of Hong Leong Financial Group Bhd, is exiting the general takaful business to focus solely on family takaful business as part of its internal streamlining exercise.

It has also ceased to be a composite licensed takaful operator in accordance with the legislative requirements under the Islamic Financial Services Act 2013. All composite licensed takaful operators are required to convert to single licences and split into two separate entities due to the different risk characteristics and nature of the businesses effective today (July 1).

In a statement today, the Islamic insurer said the streamlining of the business and operations through this exercise is set to provide an opportunity for HLMT to grow to the next level while providing its customers more value-added product offerings and services. 

"With this (move), HLMT is confident of serving its customers better by focusing on family takaful business," it added.

HLMT also assured all existing HLMT certificate holders that their current takaful certificate will remain intact and will be duly honoured in accordance with its terms and conditions.