MALAYSIA’S SYARIKAT PUSHING FOR 20% GROWTH

Malaysia-based Islamic insurer Syarikat Takaful Malaysia is looking for a 20% growth in premiums this year, driven by growth in bancassurance and aggressive marketing, according to chief operating officer Azmi Abu Bakar. He said that growth was expected to come from the company’s partnerships with Bank Islam Malaysia (BIMB) and EON Bank. Yesterday the insurer launched a joint marketing programme with BIMB to promote the insurer’s motor takaful insurance business. Called Skim Bancatakaful Kenderaan-I, the scheme offers a cashback ‘dividend’ because of its takaful structure. The policy will be sold in association with BIMB’s motor financing, expected to reach 2m rgt this year. Takaful Malaysia is to market the product via 119 branches nationwide, while BIMB will promote it through its 88 branches and 17 automobile financing centres.