MAA Takaful is a result of a strategic joint venture between MAA Group Berhad (“MAAG”) – [Formerly known as MAA Holdings Berhad] and Solidarity Company BSC (C) of Bahrain, one of the leading companies in the Arab world.
On 21 February 2006, a Joint Venture (JV) Agreement was signed with Solidarity, to form a JV company called MAA Takaful to carry on the Takaful business.
On 3 March 2006, Bank Negara Malaysia granted approval for a new Takaful licence for the joint venture of MAAG and Solidarity. On 2 May 2006, MAA Takaful was incorporated with a paid up capital of RM100 million and licensed on 1 July 2007 as a composite Takaful Operator. Today, MAA Takaful has an agency force of over 10,000.
MAAG holds 75% equity interest in MAA Takaful while Solidarity holds 25%.