Buletin Takaful 2009

Source: Bernama, 21st May 2009

Takaful Ikhlas Sdn Bhd (Takaful IKHLAS), which is launching its Ikhlas Hajj Savings takaful here, is eyeing a 25 percent increase in total premiums to RM22 million for its Sarawak operations in the financial year ending March 31, 2010.

Takaful IKHLAS president and chief executive officer Datuk Syed Moheeb Syed Kamarulzaman said today, the company had achieved RM18.39 million from total premiums of RM588 million nation-wide in the financial year ending March 31 this year compared to RM17.94 in the previous financial year.

“Although the projected growth for Sarawak is 25 percent, which is lower than our previous goal of 40-45 percent, it is still very much commendable, especially in the midst of a financial crisis,” he told Bernama here.

Overall, he said, the Islamic-based insurance and financial services provider, with 87 takaful products, has currently captured 18 percent of the national market share.This placed it third among the eight operators.

In only its second year of operations in Sarawak, it is participating in the three-day “Bersama Permodalan Nasional Berhad (PNB)” programme which began at the Padang Merdeka here yesterday, with its latest product being launched by Chief Minister Tan Sri Abdul Taib Mahmud.

Syed Moheeb said the company would still maintain its sole regional Kuching office even though business was from all over the state.The internet has enabled its operations to be run more efficiently and effectively without the need to establish more branches.

He was optimistic that Takaful IKHLAS would grow in both the general and family takaful sectors through the various distribution channels.This includes the private sector, state government and financial institutions.

On the launch of the Ikhlas Hajj Savings takaful to enable participants to fulfill the fifth tenet of the Islamic faith, he said, it was to provide more exposure to the people of Sarawak on the meaning of takaful and the role and benefits of protection savings.

He said there was good response for its most recent product, the Ikhlas Big Bike Takaful, which was launched in the investment week programme, “Minggu Saham Amanah Malaysia 2009″ held in Johor Bahru last month.

“Although it is targeted at big bike owners of above 500 cc, the policy has enabled us to be in touch with participants who are professionals, property owners and businessmen.

“Indirectly, it has helped open more doors for us,” he said, adding that Takaful IKHLAS had secured almost 200 policies since it was launched three weeks ago.

With its wide-range of products via electronic dealings as well as a hard-working agency force and staff, he was confident, that the company would see a growth of about 20-30 percent this financial year from RM588 million previously.

“For a company that is seven years old, that is quite good and we have been able to access almost all sectors of the market,” he said.

The company has two customer service centres in Kuala Lumpur and Selangor besides regional offices in Kuching, Kota Bahru, Johor Bahru, Sungai Petani, Melaka, Kota Kinabalu, Kuantan, Ipoh and Putrajaya.

It is also a subsidiary of MNRB Holdings Bhd, an investment holding company listed on the Main Board of Bursa Malaysia. Its major shareholder is PNB.