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Three bidders for stake in MNRB takaful unit-paper

Sun Nov 16, 2008 7:09pm EST

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KUALA LUMPUR, Nov 17 (Reuters) - Three international insurers and an international bank are interested in acquiring a stake in the takaful unit of MNRB Holdings Bhd (MNRB.KL), the Malaysian Reserve reported Monday.

Reinsurer MNRB has not made a decision on the sale of a stake in the unit, Takaful Ikhlas Sdn Bhd, the paper said.

Takaful is an Islamic insurance concept.

Takaful chief operating officer Syed Moheeb Kamarulzaman said a number of foreign financial institutions have approached the takaful operator over a stake in the company.

"A foreign partner must be in a position to help Takaful Ikhlas to expand overseas. It's not just for them to enter the local market," he said.

Malaysia currently has eight takaful operators.

(Reporting by Julie Goh; Editing by David Chance)



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