Takaful Ikhlas to focus on consolidation
Apr 28th, 2009 by Takaful
Source: Business Times, 28th April 2009
Takaful Ikhlas Sdn Bhd will focus more on consolidation of its operations this year amid the economic slowdown.
Its president and chief executive Syed Moheeb Syed Kamarulzaman said the current financial year ending March 31 2010 will see the company striving for more efficiency in its operations.
He said such a plan is apt as the takaful business has not been spared the economic crisis, especially the general and motor takaful business.
However, unlike the conventional insurance sector, which some expect to see negative growth, the takaful industry could still achieve 10 to 20 per cent growth after years of experiencing 40 to 50 per cent growth.
In an interview in Petaling Jaya recently, Syed Moheeb said Takaful Ikhlas has achieved commendable growth from only RM7 million in gross collection in financial year 2003/2004 to RM590 million in 2008/2009.
“Our expectation for this year depends on the new government, really,” he said, referring to the new leadership under Datuk Seri Najib Razak.
“That is why this year, our main focus is on consolidation by enhancing our internal capability. The theme for us is ‘Achieving Operational Excellence’,” he said.
Syed Moheeb added that about RM8 million will be spent on a better document management system where all documents will be digitalised, a new accounting system and a new point-on-sale system.
Takaful Ikhlas is one of the participants in the Minggu Amanah Saham 2009 (MSAM 2009) held in Johor Baru, its sixth participation in six years.
MSAM 2009, said Syed Moheeb, is a good platform for Takaful Ikhlas to not only sell its products but also help create greater awareness for the public to understand the takaful concept and its benefits.
About 240,000 people came to visit MSAM 2008, he said, adding that more visitors are expected this year. “We may not be able to do direct sales, but we collect referrals by inviting visitors to participate in simple quizzes. These referrals helped our growth,” said Syed Moheeb.