Malaysia's Islamic Insurance Firm to Start Business in Saudi Arabia

Malaysia's Islamic insurance company "Takaful Nasional Sdn Bhd" is now cooperating with a bank in Saudi Arabia to start takaful (Islamic insurance) business in that country, Malaysian news agency BERNAMA reported on Monday, quoting the firm's chairman, Shaharuddin Haron.

He said the matter was still at a planning stage but believed that it would eventually be realized.

"We hope to see family takaful taking place in Saudi Arabia and following that general takaful," he told reporters, adding that his company provided all kinds of cover similar to that offered by conventional firms.

Takaful Nasional was set up in 1993.