KUALA LUMPUR: Malaysia’s RHB Bank on Friday said it entered exclusive 20-year bancassurance and bancatakaful agreements with Tokio Marine Life Insurance Malaysia and Takaful Malaysia.
Takaful Malaysia refers collectively to insurer Syarikat Takaful Malaysia Keluarga and its unit.
In Malaysia, conventional insurance and bancatakaful agreements, which provide sharia-compliant insurance options, allow insurers to sell their products through a bank’s distribution network.
Under the agreements, RHB will receive up to RM1.6 billion (US$374.27 million) in access fees over the agreement duration for exclusively distributing conventional life insurance and takaful products through its branch network and digital channels in Malaysia.
(Reporting by Roshan Thomas in Bengaluru; Editing by Vijay Kishore)
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