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Report: Zurich Insurance/MAA Takaful deal gets regulatory nod

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Report: Zurich Insurance/MAA Takaful deal gets regulatory nod

MAA Group received approval from the Malaysian central bank tosell Malaysia's MAATakaful to Zurich Insurance GroupLtd., Reuters reported April 27. The sizeof the transaction was not disclosed.

MAA Group Berhad and Bahrain's Solidarity hold 75% and 25% stakes,respectively, in MAA Takaful.

According to the news source, the acquisition would allowZurich Insurance to enter the Islamic insurance market.Zurich Insurance reportedly has a presence in Bahrain, Qatar and the UnitedArab Emirates.