Syarikat Takaful keen to tap Middle East market

  • Business
  • Wednesday, 11 Nov 2009

KUALA LUMPUR: Syarikat Takaful Malaysia Bhd expects to close a collaboration deal with a local financial institution in Qatar in a year as part of its plan to penetrate the Middle East market.

Group managing director Datuk Hassan Kamil said there was business potential in countries like Qatar, Kuwait and Abu Dhabi for the takaful business and the company was interested in expanding to these markets.

“We have been invited by a local financial institution in Qatar to provide technical support as it is keen to venture into the takaful business,” he told a press conference after Syarikat Takaful unveiled its new logo, coinciding with its 25th anniversary celebration yesterday.

Hassan said the company was currently in talks with the institution and expected to see some results in a year.

He said the company was also interested to venture into China and was waiting for the Islamic infrastructure there to be in place.

“Sukuk or Islamic bonds are gaining momentum or acceptance not only in the Middle East and Islamic countries. Countries like China and South Korea are also exploring the opportunities in Islamic financing and have even successfully raised some money via Islamic bonds,” he said.

Syarikat Takaful is already present in Indonesia where it has 34 branches. Locally, it has over 50 branches.

On local expansion, Hassan said the company planned to set up more takaful desks to offer takaful products services in Tabung Haji branches.

“This will be the most efficient and economical way to reach out to the market without having to incur any major capital expenditure,” he said. The company currently holds 40% of the takaful market and it aims to improve it to 50% in the next two to three years.

It currently manages assets worth over RM4bil and has an annual turnover of over RM1bil. To enhance its competitive edge, it will introduce more innovative products and expand its current distribution network.

Its rebranding exercise, which cost RM15mil, includes a new modern, young and energetic “look” to the company logo, physical creative refurbishments of its 13 platinum branches and new outdoor billboards and signages nationwide.

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