Resolution had bought into AmFamily Takaful in 2011 and AmLife in 2008 through its Friends Life unit.
WSJ: Malaysia's AMMB Seeks Partner for Insurance Business
That rules out traditional insurance, so Islamic banks have instead developed takaful, in which a group of people pool risk.
FORBES: Magazine Article
Earlier this month, AMMB bought back 30% stakes in AmLife Insurance Bhd. and AmFamily Takaful Bhd. from the U.K.'s Resolution Ltd.
Whatever the status of AIG's takaful products under Islamic law, the U.S. government now has a vested interest in their financial success.
CENTERFORSECURITYPOLICY: Uncle Shariah
So far New York investors have shown an interest in Sharia-compliant equities, but not in Islamic bonds or in takaful, which is Islamic insurance.
FORBES: Contenders For The Crown
AmFamily Takaful offers insurance that complies with Islamic law.
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