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Topik: The Star

Takaful for all

Source: The Star, 5th December 2010

Before Prophet Muhammad and the coming of Islam, tribes in the Arab desert lived by a social code whereby a group would bind together, in good times and bad.

If an individual member of their unit suffered harm, loss of property or death, the unit would cover such loss by revenge, blood-letting, or payment of blood money.

“Bound by these principles of al-aqilah (societal responsibility) and diat (blood money), they believed that if you harm somebody, you have to recompense another person for the harm caused. But if you cannot pay, then the community will come together to pay,” says Datuk Syed Moheeb Syed Kamarulzaman, chairman of the Malaysian Takaful Association.

Syed Moheeb adds that the concept of a group sharing in one’s misfortune was also prevalent among Chinese traders of yore.

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How to get insurance for old cars?

Source: The Star, 29th November 2010

The Government will speed up the process to come up with a mechanism to provide third party insurance coverage, especially for motor vehicles aged 10 years and above.

Deputy Finance Minister Datuk Donald Lim said the Government realised the difficulties faced by some vehicle owners in obtaining motor insurance.

“Bank Negara Malaysia (BNM) together with the ministry is forming a suitable mechanism to ensure the rakyat has access to motor insurance coverage at an affordable price.

“Discussions have been held with government agencies and the insurance industry from August to September to obtain their support in carrying out initiatives to improve effectiveness and transparency in the motor insurance claim process,” he said.

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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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