Malaysia: Al Rajhi Bank bullish on takaful

Source: Middle East Insurance Review | Mar 2015

Al Rajhi Banking & Investment Corp (Malaysia), which has launched its first bancatakaful offerings in collaboration with Great Eastern Takaful, is confident that takaful will contribute 20% to its fee-based income for 2015, or MYR15 million (US$4 million) worth of contributions.

The bank recently launched its first Shariah-compliant protection plan products, namely, iGreat Raudhah and iGreat Bakti. iGreat Raudhah is a protection plan that provides benefits such as allowance for Umrah or Hajj, Qurban incentive and double sum covered during Umrah or Hajj. iGreat Bakti is an investment-linked family takaful plan.

“With Al Rajhi’s stringent Shariah requirements and reputation, hopefully we’ll grow the market,” said Mr Selamat Sirat, Acting CEO of the bank, at a press conference after unveiling the bancatakaful products in Kuala Lumpur.

Al Rajhi Bank Malaysia is a fully owned subsidiary of Riyadh-based Al Rajhi Bank, one of the largest Islamic banks globally. Malaysia is its first overseas venture.

MYR1 = US$0.28

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