Friends Life invests in Malaysia

Friends Life, the life insurance brand owned by buyout vehicle Resolution, will start selling shariah policies in Malaysia after buying into an Islamic joint venture yesterday. The insurer invested £6m to gain a 30 per cent stake in AmFamily Takaful, a subsidiary of local banking group Ambank, which will sell Shariah compliant family takaful, the Islamic alternative to life insurance. Friends Life said the deal would position it well to participate in Asian growth.