Takaful News - Malaysia: Bancatakaful Leading to 50% Growth in Contributions for Takaful Ikhlas

Source: Middle East Insurance Review | Mar 2007

Takaful Ikhlas saw a 90% growth in bancatakaful in 2006 and expects this distribution channel to be a major factor in increasing its business this year.

The Islamic insurance company, a subsidiary of the Malaysian National Reinsurance, derives 40% of its contributions from bancatakaful.

Senior Vice-President of Business Operations, Wan Mohd Fadzullah Wan Abdullah, says that Takaful Ikhlas expects to report over RM220 million (US$62.8 million) in total contributions for the financial year ending 31 March 2007. This would represent a 50% growth in contributions over the previous financial year.

General agencies account for 30% of total contributions. while family agencies bring in the remainder.

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