Syarikat Takaful Malaysia Berhad (Takaful Malaysia) was incorporated on the 29th of November 1984. The current authorised capital of Takaful Malaysia is RM500 million and paid-up capital is RM164 million. It commenced operation on the 22nd of July, 1985 prior to its official launching on the 2nd of August 1985 by the then Prime Minister of Malaysia, Tun Dr. Mahathir Mohamed.
The incorporation of Takaful Malaysia was based on the recommendation of the “Task Force on the Study for the Establishment of an Islamic Insurance Company in Malaysia” (Task Force) set up by the Government of Malaysia in 1981. The Task Force in its report concluded that a takaful company based on the principle of al-Mudharabah would be a viable venture in view that its participants would have the opportunity to save, invest and earn profits based on this principle.
Takaful Malaysia was transformed into a public limited company on the 30th of July 1996 followed with the listing of its shares on the Main Board (now known as 'Main Market') of Bursa Malaysia Securities Berhad. The capital was then raised to RM55 million. The capital structure since then has been further enhanced arising out of the restructuring exercise at the end of 2003, resulted in the paid-up share capital of Takaful Malaysia currently stands at RM164 million.
BIMB Holdings Berhad is the major shareholder with 59.93% stake in Takaful Malaysia. Under BIMB Holdings Berhad Group, Bank Islam Malaysia Berhad (BIMB), the first Islamic bank of Malaysia is a 100% owned subsidiary of BIMB Holdings Berhad. Apart from banking and takaful, BIMB Holdings Group has interests in stock broking, venture capital, unit trusts and off-shore banking. In a way, the BIMB Holdings Group has been the catalyst in actively developing not only Islamic banking and takaful but also Islamic capital market. On 1st of July 2009, BIMB Holdings Berhad became a subsidiary of Lembaga Tabung Haji and its current shareholding in BIMB Holdings Berhad is 53.94%.