STO Board has passed to create a subsidiary company which will function under Allied Insurance Company’s Islamic Finance window to promote Takaful services abroad.
Speaking to press in STO head office, Managing Director Ahmed Shaheer said the subsidiary company will be formed in the next three months and will be operational abroad in the first three months of next year.
Shaheer added that the company was formed due to the overwhelming support of the Islamic window of Allied Insurance, noting that a new company needed to be formed in order to expand the service abroad.
Allied Insurance was formed in association with a UK insurance company and STO. Allied was recently turned to a wholly Maldivian company, running under STO, providing full insurance products.
STO to begin, expand Takaful services abroad
