Takaful Malaysia To Aggressively Expand Retail Capability

BANGI (Selangor, Malaysia), April 18 (Bernama) -- Takaful Malaysia Bhd will aggressively expand its retail capability to capture a bigger market share from 20 per cent in 2011 to 30 per cent this year. In terms of Takaful contribution, Group Managing Director Hassan Kamil said the target was a growth of between 25 and 30 per cent from RM1.1 billion (US$358 million) last year. He said Takaful Malaysia would increase the number of agents by 15 per cent from 2,000 currently and improve customer service and engagement. "We also plan to revamp our service standard and open more Takaful MyCare centres that will cost between RM400,000 (US$130,414.24) and RM500,000 (US$162,960.40) per outlet," he told reporters at the prize presentation ceremony for the 2011 BPP Campaign in Bandar Baru Bangi on Wednesday. Takaful Malaysia is a member in the panel of insurers for the Housing Loan and Treasury Department of Malaysia (BPP). The BPP Campaign was held from Feb 1 to Dec 31, 2011 and drew participation from more than 5,300 government employees who applied for housing loan with the BPP and obtained mortgage reducing term takaful coverage from Takaful Malaysia. A nurse from Kuala Terengganu, Wan Noor Iznieda Wan Zakaria, took home the main prize -- a brand new Naza Forte 1.6 litre. Meanwhile on Takaful Malaysia's Indonesian operations, Hassan said the restructuring process was expected to complete by end of June. Takaful Malaysia is doing away with its 56 per cent-owned holding company called PT Syarikat Takaful Indonesia (STI), leaving only its representation through PT Asuransi Takaful Keluarga (in which Takaful Malaysia now holds a 42.73 per cent stake) and PT Asuransi Takaful Umum, a subsidiary of STI. -- BERNAMA