Monday, August 6, 2012

Syed Moheeb leaves Takaful Ikhlas after 10 years

by Habhajan Singh

Datuk Syed Moheeb Syed Kamarulzaman (picture) will be leaving Takaful Ikhlas Sdn Bhd after building up the homegrown takaful outfit from the ground up to become the nation’s third-largest takaful operator in terms of gross return contribution.

Syed Moheeb, who had stints with local and international insurers spanning 38 years, has submitted his resignation. “I’ve been postponing my retirement for some time now,” he told The Malaysian Reserve when contacted to confirm his resignation as Takaful Ikhlas’ president and chief executive officer (CEO).

Syed Moheeb was brought in by the senior management of MNRB Holdings Bhd to start its whollyowned takaful unit which was incorporated in September 2002. “We’ve built up a trusted brand. We’ve introduced many new innovations,” he said in a brief telephone conversation.

In Malaysia’s takaful sector, total assets of takaful funds increased by 15.8% to RM17 billion as at end-2011, according to Bank Negara Malaysia statistics. Total takaful contributions accounted for 13% of total premiums and contributions in the insurance and takaful industry, up from 12.4% in 2010.

Syed Moheeb began his insurance career at UK-based Royal Insurance Sdn Bhd before joining US-owned Aetna Insurance where he headed the general insurance division. He then moved on to head DRB-Hicom Group’s insurance unit then known as South-East Asia Insurance Sdn Bhd. His next port of call was as CEO of Germanbased Gerling Reinsurance.

Asked about his next move, Syed Moheeb said he would like to ‘continue contributing’ his experience to the industry.