Buletin Takaful

Source: Business Times, 6th April 2011

Newly-launched ING Public Takaful Ehsan Bhd expects to break even in two years before controlling a 10 per cent market share of the Islamic insurance sector by 2015.

ING Public Takaful is a strategic alliance between ING Management Holdings (Malaysia) Sdn Bhd with a 60 per cent stake, and Public Bank Bhd and Public Islamic Bank Bhd – with 20 per cent each.

Chief executive officer Saiful Yazan Ahmad said ING Public Takaful will embark on a three-pronged strategy to grow its market share to 10 per cent with projected contributions of over RM800 million by 2015.

“The company will have the advantage of leveraging in ING and PBB Group’s leadership positions, and established infrastructure in the insurance and banking industries to drive growth and solidify its position in the family takaful space,” he told reporters after the company’s launch here yesterday.

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Source: The Star, 19th November 2010

ING Insurance Bhd and Public Bank Bhd’s new takaful firm aims to be profitable by its fourth year of business as it taps Malaysia’s underserved insurance market, and eventually expand into Indonesia and Hong Kong, its owners said yesterday.

The insurer, which received one of four family takaful licences awarded in September, will launch its first product in April in Malaysia where acceptance of takaful is limited and insurance penetration is among Asia’s lowest.

Penetration of life insurance is very low in Malaysia compared with some regional markets. It’s an immature market, ING chief executive officer Nirmala Menon said in an interview.

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