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FWD Group closes acquisition of HSBC's 49% stake in Malaysian takaful business

Hong Kong-based FWD Group Management Holdings Ltd. completed the acquisition of HSBC Insurance (Asia-Pacific) Holdings Ltd.'s stake in HSBC Amanah Takaful (Malaysia) Bhd.

FWD Group now beneficially owns 49% of HSBC Amanah, which it intends to rename FWD Takaful Bhd. All existing takaful certificates issued under HSBC Amanah will continue to be honored, FWD Group said.

The Hong Kong-based insurer, now the largest shareholder in the joint venture, named Salim Majid Zain CEO of HSBC Amanah.