UK-based insurance group Prudential and Bank Simpanan Nasional (BSN) have been awarded a takaful license by Bank Negara Malaysia.

The new license is one of four granted by Bank Negara, bringing the total number of companies offering Islamic insurance in the country to nine.

We would like to thank Bank Negara for awarding us the takaful license which allows the joint venture to sell takaful products. We are very excited about the opportunity to develop products that would have strong appeal to Muslim Malays who make up 60% of the population.

We are also delighted to be in partnership with BSN, a well-known and well respected financial institution, said Mark Norbom, chief executive of Prudential Corporation Asia.

The new joint venture is expected to be operational in about four to six months.