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Saturday, December 13, 2008

Takaful Ikhlas Set To Move Into Middle East Market Next Year

KUALA LUMPUR, Nov 23 (Bernama) -- Takaful Ikhlas Sdn Bhd, provider of financial protection guided by Islamic principles and values is set to spread its wings into the Middle East market particularly the Gulf Cooperation Countries next year, its president and chief executive officer Syed Moheeb Syed Kamarulzaman said.

With the slowdown in the global economy, he said the competition among the eight takaful companies in Malaysia would be more intense.

"But we have our own niche market and our niche market is basically like family life both for individuals as well as group.

"We are very mindful that these two markets might be susceptible to the economic slowdown, so as such, we are instituting several measures including maintaining customers royalty," he told Bernama at the recent Kuala Lumpur Islamic Finance Forum Dinner and Islamic Finance Awards presentation recently.

He said Takaful Ikhlas' target was to have something in 2009.

"As you are aware our parent company, MNRB Holdings Bhd has already had a 10 percent interest in UK's takaful company.

"So we are planning to do something in other countries next year so we look elsewhere, somewhere in the Gulf Cooperation Countries (GCC)," he said.

Syed Moheeb said the company was mindful of the slowdown in the economy, stressing that it was a recession but just a slowdown.

"Having a slowdown means that it gives us the opportunity to consolidate. So we will do two things."

Firstly, he said they would look at whatever internal weaknesses and seek to improve them and secondly, be very creative and look at new ways in getting into business.

At the dinner, Takaful Ikhlas was awarded the "Most Innovative Takaful Product Award," for its product Ikhlas Medic Assist Takaful (IMAT).

The award was presented by Second Finance Minister Tan Sri Nor Mohamed Yakcop, who was the guest of honour.

Commenting on the award, Syed Moheeb said: "We are very happy to receive this most innovative takaful products especially for a product which we are very confident of its success and product which serves market needs."

He said the Ikhlas Medic Assist Takaful offers five plans of comprehensive hospitalisation and surgical coverage at affordable costs.

"The product, which has a social value is unique because it is priced competitively," he said.

Touching on the company's performance, he said Takaful Ikhlas financial year ends March 31, 2009.

"We are initially targetting RM500 million (gross contribution) for that period, which will be an increase from RM428 last year. However we expect by March 31,2009 we will be able to touch RM600 million," he said.

According to Syed Moheeb, this year, Takaful Ikhlas which offers a comprehensive range of family, Group and General Takaful Plans and Riders for individuals and commercial enterprises, had a slower roll out of new products this year compared with the previous year.

"This is because we wanted to ensure time promoting and marketing the products that we have rolled out.

"We will have one more product to roll out before March 31.It is something on the family side," he added.

For your takaful solutions, please contact Ahmad Sanusi (mobile: 019 234 8786 email:

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Consulting and Training - Islamic Finance and Management

Consulting and Training - Islamic Finance and Management