CIMB Islamic and Takaful IKHLAS aim for RM168 million, 11% y-o-y growth through strategic partnership
07 August 2019
Kuala Lumpur, 7 August 2019 – Takaful Ikhlas General Berhad (“Takaful IKHLAS”), a wholly owned subsidiary of MNRB Holdings Berhad and leading Islamic bank, CIMB Islamic Bank Berhad (“CIMB Islamic” or “the Bank”), today launched their strategic bancatakaful partnership to provide general takaful products and solutions to CIMB Islamic’s customers across retail, SMEs and commercial segments. The partnership’s joint growth target for the general Takaful business is RM168 million, or 11% y-o-y over the next five years.
The strategic partnership was launched by Eddy Azly Abidin, President & Chief Executive Officer of Takaful Ikhlas General Berhad and Rafe Haneef, Chief Executive Officer of CIMB Islamic.
With this strategic 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. 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.
Commenting on his aspiration regarding the partnership, Eddy Azly said “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. 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, “Customers are at the heart of all our initiatives, and through this strategic partnership, we are delighted to offer a broad range of takaful offerings. Having an experienced partner with a strong 16-year track record is also key in ensuring quality takaful products for our customers. 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.”.
In keeping abreast with digital innovation and building customer centricity, this collaboration will see Takaful IKHLAS extending its upcoming digital platform to promote its products online including Motor, Travel PA and Travel Hajj. This digitalisation initiative is also well aligned with one of the objectives of CIMB Group’s Technology & Data pivot – under its current mid-term growth plan, Forward23 – by providing its customers with cost-efficient and convenient access to more and more of its products through its one-stop digital banking platform.
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.
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