Monday, December 13, 2010

Great Eastern to Boost Takaful Services

Great Eastern Holdings Ltd plans to recruit more Bumiputera agents to further strengthen its agency infrastructure, especially in takaful services.

Its chairman Fang Ai Lian said the company was well-positioned to grow its takaful business in Malaysia, supporting Bank Negara Malaysia's aim to make Malaysia an international Islamic financial hub.

She said this at the signing of a joint venture agreement between Great Eastern's subsidiary, I Great Capital Holdings Sdn Bhd, and Koperasi Angkatan Tentera Malaysia Bhd with 70 and 30 per cent equity stake respectively.

The partnership was one of the four successful applicants to be awarded a family takaful licence by Bank Negara on Sept 1, 2010.

"Our target market for takaful is primarily among Muslims and Malays as the penetration for takaful in Malaysia is only about 7.9 per cent and this is huge opportunity for us," said the joint venture takaful company's chief executive officer Mohamad Salihuddin Ahmad.

The company has close to 30 experts in the takaful team and 3,200 agents who have passed the takaful exam, he said.

The joint venture takaful company is expected to be operational on Jan 11, 2011, he added.

"We are targeting by the fourth year to get our first profit for this joint venture," Mohamad Salihuddin said.

I Great Capital Holdings will function as the Great Eastern Islamic finance headquarters and be a main vehicle to drive the takaful business expansion in the region, looking to penetrate the takaful market in Brunei and Indonesia.

"Our commitment is that within one year we will expand our business offshore and make Malaysia our headquarters for takaful," Mohamad Salihuddin said.

Also present at the signing was Koperasi Angkatan Tentera chairman Lt Col Hamisan Mian. -- Bernama

Read more: Great Eastern to boost takaful services

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