PolicyStreet granted Takaful and Retakaful license

PolicyStreet, a Kuala Lumpur-based insurtech, has been granted approval to carry out Takaful and Retakaful operations in Malaysia.

This new window will allow the start-up to provide insurance solutions in line with Islamic principles.

Data from the Malaysian Takaful Association indicate that the Takaful Family business has ended the 2022 financial year with an 18.3% increase in turnover to 10.06 billion MYR (2.3 billion USD).

The General Takaful business posted premiums amounting to 4.64 billion MYR (1.1 billion USD), up by 21% over one year.