Maybank and the Islamic Corporation for the Development of the Private Sector have signed a memorandum of understanding to jointly explore the feasibility of establishing an international holding company with the vision to create a leader in the takaful business, an Islamic insurance concept.
Islamic Corporation for the Development of the Private Sector (ICD) is the commercial arm of the Islamic Development Bank.
The strategic partnership proposes to leverage on Maybank group’s expertise in the takaful business as well as ICD’s knowledge of the Islamic markets in its member countries. The plan is for the new holding company to commence operations by end 2008.