Friends Life has invested £6m in Malaysia-based Islamic life insurance firm AmFamily Takaful.
The provider has signed a shareholders’ agreement with AMAB Holdings, a wholly owned subsidiary of Ambank Group, to manufacture and sell Shariah compliant insurance products.
Initially paid up capital for the joint venture will be £20.4m, with Friends Life contributing £6.1m. The remaining £14.3m is being contributed by Ambank.
A Friends Life spokesman says: “Malaysia is an exciting market for Friends because there is good economic growth and the Government has also expressed interest in becoming a world hub for Islamic financial services.”