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Great Eastern looks east

Great Eastern Takaful, one of Malaysia’s top Islamic insurers, has announced that it will be expanding its presence across the Indonesian border in 2012.

GE Takaful hopes that by moving into the nascent Islamic insurance market in the world’s most populous Muslim state that it will rapidly assume a top three market position.

Local press reported that GE Takaful would initially start operating in Indonesia through its existing bancaTakaful agency agreement with OCBC NISP Bank – an Indonesian subsidiary of Singapore’s OCBC Bank.

GE Takaful’s CEO, Mohamad Salihuddin Ahmad [pictured] told local reporters that it would be distributing new retail Takaful products in Indonesia after February and is working on developing a fully-fledged standalone subsidiary in the country.