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Takaful Malaysia confident of over 30 pct growth this year

Posted on July 9, 2012, Monday

CSR PROGRAMME: Mohd Suhaimi (centre) presenting RM10,000 in cash and material contributions to the Yayasan Kebajikan Suria orphanage in conjunction with the coming Ramadan fasting month, as part of its I’dad Ramadan scheme in its corporate social responsibility programme. — Bernama photo

KOTA KINABALU: Syarikat Takaful Malaysia Bhd (Takaful Malaysia) is confident of surpassing the 30 per cent growth projected for the  takaful industry this year, says its general manager, Retail Agency, Mohd Suhaimi Ahmad.

Mohd Suhaimi however declined to give the company’s expected growth rate.

For financial years 2008 to 2011, Takaful Malaysia reportedly posted a compound annual growth rate of 32.2 per cent.

Mohd Suhaimi said Takaful Malaysia also intended to be the country’s top takaful operator in terms of total contributions in two to three years.

“We are number two now,” he said, adding last year, the company’s total contributions amounted to nearly RM1 billion.

“The takaful system has always performed better than conventional insurance instruments due to the demand for it, as it is seen as fair with elements such as Mudharabah (profit sharing) and rebates,” he told Bernama when met at the Takaful Malaysia Open Day at Wisma Majlis Agama Islam Sabah (MUIS) here.

Mohd Suhaimi said the takaful industry’s penetration rate in Sabah has also increased with the close cooperation by the state government and Takaful Malaysia’s credibility as an insurance provider especially of takaful and workers’ welfare insurance.

The company also offers Sabahans monthly financial aid of RM5,000 to be agency heads and RM1,500 to be insurance agents through its Alfa scheme, he said, adding it targets the number of agents in the state to double to 1,000 in two years.

Its previous Open Days were at Shah Alam, Bandar Perda (Penang), Johor Baharu and Kuantan, with the next one in Kuching, Sarawak on July 14.

At the function, Takaful Malaysia presented four No Claims Rebate cheques totalling RM31,355.24 to four agencies – Universiti Malaysia Sabah (RM16,780.90), MUIS (RM6,696.58), Koperasi Pusaka Penampang Bhd (RM4,380.10) and Kota Kinabalu City Hall (RM3,497.66).

It also presented RM10,000 in cash and material contributions to the Yayasan Kebajikan Suria orphanage in conjunction with the coming Ramadan fasting month, as part of its I’dad Ramadan scheme in its corporate social responsibility programme. — Bernama

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