Amăna Takaful transfers life insurance business
Amăna Takaful PLC recently transferred its life insurance business to
Amăna Takaful Life Limited in compliance with the statutory provisions
of Section 53 of the Regulation of Insurance Industry (Amendment), Act
No. 3 of 2011 stipulating all composite insurance providers to segregate
long-term and general insurance businesses.
Amăna Takaful Life will be a fully-owned subsidiary of Amăna Takaful
PLC with a paid up capital of Rs. 500 million, offering Life Takaful
solutions in keeping with the regulations.
With the transfer of the Life business, all life insurance policies
held by policy holders of Amăna Takaful PLC will be transferred to Amăna
In an official communiqué to customers, the management of Amăna
Takaful said, "The transfer will not affect any of the obligations and
responsibilities under the policy conditions and we will continuously
strive to deliver the pristine purity of Takaful as promised."
Following the segregation and in keeping with the true spirit of
Takaful, the company will continue to provide high quality Takaful
solutions to all Sri Lankans.
Having pioneered the Takaful concept in Sri Lanka, Amăna Takaful also
expanded its footprint offshore and successfully set up the concept of
Takaful in the Republic of Maldives.