Takaful Ikhlas

#Takaful Ikhlas, CIMB Islamic target RM168m contribution from tie-up

Takaful Ikhlas and CIMB Islamic Bank are targeting to achieve RM168 million in gross contribution from their newly forged strategic bancatakaful partnership. The two groups expect the partnership to grow by 11% every year for the next five years. The partnership is aimed at providing general takaful solutions to the bank’s customers across retail, small and medium enterprises, as well as commercial segments. CIMB Islamic will leverage on Takaful Ikhlas' offerings, which, in turn, will leverage on CIMB Islamic’s distribution channels comprising the bank’s 250 branches nationwide, online platforms and call centres. Takaful Ikhlas CEO Eddy Azly Abidin said the demand for takaful products was growing and both organisations should work closer together to capitalise on this market’s potential.

#Takaful Ikhlas to introduce online platform by year-end

Takaful Ikhlas aims to introduce its online platform for basic term life insurance to encourage youths to obtain insurance coverage. Senior Vice-President, Wan Rosli Shaharuddin Wan Yaacob is optimistic the online platform will attract youths as they will be able to compare the products' features, policies, as well as pricing via the platform. He said Malaysians below 35 years old currently constituted the largest group in the country who have yet to be covered by any insurance company. According to Bank Negara Malaysia (BNM) Financial Stability and Payments Report 2016, Malaysia's overall insurance penetration remained flat, within the range of 54% to 56% over the last five years. The central bank had earlier set the penetration rate target at 75% by 2020. It specifies that standalone protection products must be available through direct channels from Jan 1, 2017, followed by critical illness and medical and health insurance/takaful products by Jan 1, 2018.

Takaful Ikhlas optimistic in hitting RM800 million gross contributions

Takaful Ikhlas Bhd is confident the gross contributions for its financial year ending March 31, 2015 (FY15) will hit RM800 million, up from RM772 million in FY14, driven by its newly launched and final quarter awareness programmes. President and Chief Executive Officer, Ab Latiff Abu Bakar said the full-year target was achievable as the company had already secured RM400 million in gross contributions in the first six months of FY15. Ab Latiff said more promotional campaigns would be executed in the fourth quarter of FY15, that is from January-March next year, and expected non-Muslims to account for one-quarter of customers by end-March 2015.

Merger and acquisition in takaful sector

Over the last two years, M&As in the Malaysian insurance sector have mainly involved conventional insurers, and analysts foresee some consolidation taking shape in the takaful sector in view of the Financial Services Act (FSA) and the Islamic Financial Services Act (IFSA). Among the candidates for potential M&As are Takaful Ikhlas Sdn Bhd, a unit of MNRB Holdings Bhd, and Syarikat Takaful Malaysia Bhd (STMB). The IFSA may prompt MNRB to sell its stake in Takaful Ikhlas to a strategic partner, as further internal capital injections could be complicated. In the next few years, the main thrust for M&As is expected to be on the general insurance and general takaful industry. The life insurance sector sees to have consolidated somewhat for the time being.

Takaful Ikhlas To Focus On Group Insurance Schemes To Educate Malay Clients

Takaful Ikhlas will focus on group insurance schemes in efforts to educate more Malay clients on the importance of Islamic insurance policy and protection coverage. President and Chief Executive Officer Ab Latiff Abu Bakar said the Islamic insurance penetration rate by the Malays in the country was only 12 per cent. Of the 88 per cent of the Malay market for Islamic insurance protection which have not been penetrated, the company is aiming to secure up to 10 per cent next year, driven by would-be-launched new group schemes and existing group insurance policies, he said. Takaful Ikhlas is targeting RM10 million returns in the next five years from its group insurance schemes. Ab Latiff said Takaful Ikhlas was also confident of netting RM2 million worth of sales this year from RM1.5 million last year, aided by the appointment of more agents, up to 50, and improved marketing strategies.

Takaful Ikhlas Allocates RM200,000 For CSR Programmes During Ramadan

Takaful Ikhlas allocates close to RM200,000 to carry out its corporate social responsibility (CSR) programmes for the whole month of Ramadan. On July 11, the company contributed RM16,000 to the Al-Ikhlas Home of Elderly Care and Treatment in Puchong, Selangor through its Ramadan programme. Besides this contribution, other daily necessities are also provided including medicine, clothing, food as well as other needs to manage the home.Earlier, 66 residents of the home received free health examinations before attending a special religious class by the company's employees besides a get-together session and iftar dinner. Various activities have been planned during Ramadan such as the exclusive cooperation 'Titipan Kasih Harian Metro' at Olak Lempit, 'Bubur Lambuk' programme, 'Salam Sahur', 'Kasih Syawal', health examination for chronic patients and 'Jom Beli Baju Raya', which will be held nationwide.

Takaful: Assistant Vice President, New Market Business Development

· Accountable for the entire business portfolio of New Market Business Development function.
· To penetrate into the Non-Muslim market, especially in the higher purchasing power category focusing on Family Business.

Takaful Ikhlas appoints new CEO

Takaful Ikhlas Sdn Bhd has appointed a new chief executive officer of the general and family takaful company - Ab Latiff Abu Bakar. The appointment became effective on January 7th 2013. Latiff has a Bachelor Degree in Business Administration from the University of Portland, USA. He has furthermore over 20 years of experience in the field including senior management positions in insurance and takaful companies. Before joining Takaful Ikhlas, he was head of takaful in an international insurance company.

Takaful Ikhlas sale

The consolidation happening within the Malaysian Takaful sector continues quickly with MNRB Holdings, formerly Malaysian National Reinsurance Berhad, in the final stages of talks it has been having with the Malaysian subsidiary of German financial services giant Allianz, Allianz Malaysia, to sell a stake in Takaful Ikhlas, its Takaful subsidiary.
MNRB is looking to get rid of a 49% interest in Takaful Ikhlas, a move that was approved by the central bank late last year, and talks have been progressing since then.

Takaful Ikhlas Targets RM 70 mn in premium from its government housing loan

Mahanum Abdul Aziz reported on 19 April on Bernama that Takaful Ikhlas Targets RM 70 mn in premium from its government housing loan scheme.

Syed Moheeb Syed Kamarulzaman is president and chief executive officer.

Source: http://www.bernama.com.my/bernama/state_news/news.php?id=327888&cat=st

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