Etiqa Takaful to raise 300 mln ringgit with sukuk

KUALA LUMPUR, April 7 Mon Apr 7, 2014 12:27am EDT

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KUALA LUMPUR, April 7 (Reuters) - Etiqa Takaful Bhd, Malaysia's largest Islamic insurance provider and a unit of Malayan Banking Bhd, will issue a sukuk to raise 300 million Malaysian ringgit ($91.39 million), said credit rating agency RAM Ratings.

Etiqa is supported by a strong liquidity position although its family takaful business has seen poor growth due to unattractive pricing and a limited portfolio, RAM said on Monday. ($1 = 3.2825 Malaysian Ringgits) (Reporting By Al-Zaquan Amer Hamzah; Editing by Miral Fahmy)