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Takaful Ikhlas Aims For 20 Pct Share Of Malaysian Takaful Market In 2010

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Points of Essence:

  • Takaful Ikhlas aims to capture a 20% market share of the Takaful sector in Malaysia by 2010. Currently at 11% of the market share, the company looks set to achieve the target as it continues to expand, with RM60 million in premiums is expected to be collected by March next year.

By: ramjit

PUTRAJAYA, Oct 13 (Bernama) — Takaful Ikhlas Sdn Bhd has set the target of capturing 20 percent of the takaful market in 2010, said its chairman Sharkawi Alis.

In the last financial year ended March 31, 2008, the company collected a premium of RM428 million or 11 percent share of the takaful market, he said.

A wholly owned subsidiary of MNRB Holdings Bhd, the company started its operations in July 2003 and it offers various takaful or insurance products based on Islamic principles.

On its list are special products for civil servants including products covering housing loans taken under the Treasury.

Under the plan, in the event of death or loss of physical abililty for the person under cover, the beneficiary will not have the burden of repaying the remaining loan or selling off the said house.

Speaking to reporters after the official opening of its office here today, Sharkawi said that the success seen by Takaful Ikhlas was also due to its investment in efficient IT systems and infrastructure.

He said the company had set aside RM15 million for the purpose in the first three years of operations.

“With the system we have now, the way we operate has been made easier, enabling us to manage faster the claims made by customers,” Sharkawi said.

He said the company had also originally projected a premium collection of RM520 million for the current financial year but based on the figures collected so far, it now expects to achieve more than RM600 million.

On the business for its new office here, he said Takaful Ikhlas was aiming at RM60 million in premiums for the period April 1, 2008 to March next year.

Its office in Putrajaya, which started operations early last month, is the company’s 10th branch office.

It has offices in Kuala Lumpur, Kota Baharu, Sungai Petani, Johor Baharu, Kuching, Kota Kinabalu, Melaka, Kuantan and Ipoh.

Source: BERNAMA

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Written by Suapi Shaffaii

October 14, 2008 at 11:14 am

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