Takaful Ikhlas, CIMB Islamic target RM168m Takaful business from tie-up

  • Insurance
  • Wednesday, 07 Aug 2019

Rafe Haneef, CEO, Group Islamic Banking, CIMB Group (third left); together with Eddy Azly Abidin, President & CEO of Takaful Ikhlas General Berhad (third right); Victor Lee Meng Teck, CEO, Group Commercial Banking, CIMB Group (first left); Mohd Din Merican, President and Group CEO, MNRB Holdings (second left); Daniel Cheong, Head Consumer Banking Malaysia, CIMB Bank Berhad (second right) and Jeffry Shah, Senior VP and Head of Bancatakaful, Takaful Ikhlas General Berhad at the strategic bancatakaful partnership launch to provide general takaful products and solutions to CIMB Islamic’s customers across retail, SMEs and commercial segments.

KUALA LUMPUR: MNRB HOLDINGS BHD's unit Takaful Ikhlas General Bhd and CIMB Islamic Bank Bhd launched their bancatakaful partnership to provide general takaful products and solutions to CIMB Islamic’s customers across retail, SMEs and commercial segments.

In a joint statement issued on Wednesday, they said the partnership’s joint growth target for the general Takaful business was RM168mil, or 11% year-on-year over the next five years.

Under the partnership, Takaful Ikhlas will be the preferred general takaful provider to all CIMB Islamic customers.

“CIMB Islamic will leverage on Takaful Ikhlas’ wide range of offerings including motor and home protection as well as coverage for commercial subscribers such as fire, construction, workmen, equipment, marine and liability, to cater to customers’ growing demand for shariah compliant takaful products.

“Takaful Ikhlas will, in turn, leverage on CIMB Islamic’s extensive distribution channels comprising the Bank’s 250 branches nationwide, online platforms and call centres, ” they said.

The strategic partnership was launched by Eddy Azly Abidin, president and CEO of Takaful Ikhlas General Bhd and Rafe Haneef, CEO of CIMB Islamic.

As the general takaful industry is expected to grow around 7% in 2019, both Takaful Ikhlas and CIMB Islamic are confident that their strategic partnership will catalyse new business and contribute to that growth.

“We are excited to bring our best-in-class takaful solutions to serve the growing segment of the Islamic financial industry. This partnership will be built on both organizations’ shared commitment and ambition to drive greater takaful penetration rates.

“CIMB Islamic is also our first financial institution partner whose customers will benefit from our value-based initiative for the community called the Ikhlas Waqf and Endowment (IWE) programme, ” Eddy Azly said.

IWE amounting RM1, 000 will be endowed under the participant’s name, upon demise due to an accident, to recognised waqf and endowment institutions selected by Takaful Ikhlas.

“We look forward to serving CIMB Islamic customers by offering them our Ikhlas hospitality, ” Rafe Haneef said.

“Coupled with CIMB Islamic’s distribution capabilities, this synergistic partnership offers takaful products that fulfil our customers’ needs not only by providing adequate coverage, but also by delivering it efficiently through online platforms.

“Apart from our branch network, for the first time, our customers will be able to purchase these Takaful products through our CIMB Clicks platform by end-2019.”

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