Thursday, March 13, 2014

TMR: Takaful Ikhlas targets 10% rise in policy holders

By P Vijian
Takaful Ikhlas Sdn Bhd expects its certificate holders’ base to expand by nearly 10% this financial year, from 1.8 million to two million.
Its president/CEO Abdul Latiff Abu Bakar (left in photo above) said the company’s products, both general and family takaful schemes, are well received by Malaysians, prompting the company to target good growth this year in terms of revenue and policy holders.
“We will be able to touch the two million mark this financial year and we are also expecting a very good financial result. We will surpass last year’s numbers in terms of gross revenue,” Abdul Latiff told the media in Kuala Lumpur last Friday.
The company recorded RM747 million in revenue in 2013.
Currently, Takaful Ikhlas which is the Islamic insurance unit of MRRB Holdings Bhd, has seen its market share touched 12% based on gross contribution and ranked third among the 12 companies in Malaysia. It is behind market leaders Etiqa Takaful Bhd and Prudential BSN Takaful Bhd.
Last year Takaful Ikhlas launched three new products — Ikhlas Capital Investment- Linked Takaful Plus, Ikhlas Premier Investment-Linked Takaful Plus and Ikhlas “ChoicePlus” Individual Medical Rider. The company offers 83 products in Malaysia.
For the fourth consecutive year, Takaful Ikhlas was awarded “The Best Takaful House” by Euromoney, a monthly business and finance magazine. The award ceremony was held in London in February.
Regional head for Asia Marcus H Langston said Malaysia’s Takaful Ikhlas is setting growth pace in Islamic finance industry.
“They are pushing new innovations and cross-border tie ups. There is a large growth potential….There is no close competition against Malaysia in the Asia region, particularly in terms of innovation,” Langston said after he presented the award to Latiff at the company’s headquarters.

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