The joint ventures are the 70-30 partnership between American International Assurance Berhad and Alliance Bank Malaysia Berhad, 70-30 between AMMB Holdings Berhad and Friends Provident Group UK, 60-20-20 between ING Management Holdings (Malaysia), Public Bank Berhad, and Public Islamic Bank Berhad, and 70-30 between The Great Eastern Life Assurance Company and Koperasi Angkatan Tentera Malaysia Berhad.

"The new family Takaful operators have strong value propositions that will further enhance the development of the family Takaful industry in Malaysia, in particular in penetrating untapped areas of business within the family Takaful industry including micro-Takaful, medical and retirement products. They will also contribute strongly towards reinforcing Malaysia's position as an international Islamic financial hub," Bank Negara Malaysia said in a statement.

The new licences are in line with the Malaysian government's liberalisation efforts for the Islamic finance industry in the country, which will be implemented from 2009 to 2012.