MNRB to Sell Takaful Ikhlas Stakes for RM1.64 Billion to Bank Rakyat Unit

MNRB will divest Takaful Ikhlas to Bank Rakyat’s nominee company for RM1.64 billion, strengthening its reinsurance focus while supporting Malaysia’s Islamic finance and takaful industry growth.

MNRB Strengthens Reinsurance Focus

MNRB Holdings Bhd has announced plans to sell its entire stakes in Takaful Ikhlas Family Bhd and Takaful Ikhlas General Bhd to Rakyat Nominees Sdn Bhd for RM1.64 billion, marking a significant strategic shift for the group.

The proposed divestment aims to sharpen MNRB’s focus on its core reinsurance and retakaful businesses while unlocking the value of its direct takaful investments.

The implementation agreement has been signed with Rakyat Nominees and Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat), with the acquisition subject to regulatory and shareholder approvals. The parties have up to 12 months to secure the necessary approvals before completing the transaction.

Following completion, Takaful Ikhlas will cease to be wholly owned by MNRB. Bank Rakyat said the acquisition aligns with its strategy to expand its Syariah-compliant financial offerings, strengthen financial inclusion, and better serve cooperatives as well as micro, small and medium enterprises.

MNRB said the transaction complements its broader portfolio transformation, following its proposed acquisition of the remaining stake in Labuan Reinsurance (L) Ltd announced earlier this year.

The group believes the divestment will support Takaful Ikhlas’ continued growth while allowing MNRB to concentrate on long-term opportunities in the reinsurance and retakaful sectors.

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