There are foreign investors ready to form new sharia insurance this year

A new sharia insurance company is rumored to be formed this year, as there are investors who are interested in entering the industry in Indonesia.

The number of companies will also increase along with conversions and spin offs. Chairman of the Indonesian Sharia Insurance Association (AASI) Tatang Nur Hidayat explained that the development of sharia finance, including sharia insurance in Indonesia, attracted investors to invest. Investors from abroad also looked at the Indonesian market. He explained that this year there will be the formation of a new sharia insurance company. The corporate action was initiated by foreign investors. "[Foreign investors are interested in forming] a new company, but there is a take over option," He also explained that other corporate actions will occur in existing sharia insurance companies. The action is in the form of conversion to the separation of sharia business units (spin off). Tatang gave an example of the ongoing conversion of PT Zurich Insurance Indonesia (ZII) to PT Zurich General Takaful Indonesia (ZGTI). The corporate action was carried out after the Zurich Group acquired PT Asuransi Adira Dinamika (Adira Insurance). Previously, Country Manager of Zurich Indonesia Chris Bendl explained to Bisnis that his party saw the great potential of the sharia insurance business in Indonesia. Therefore, the conversion process was carried out and the new company is targeted to be operational this year.

|•SOURCE•| Image :ANTARA |

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