Takaful Ikhlas Wins Most Innovative Product Award

Bernama :Takaful Ikhlas Sdn Bhd won the award for the Most Innovative Takaful Product given in conjunction with the 5th Kuala Lumpur Islamic Financial Forum 2008 (KLIFF 2008) held here last week.

The award was for its IKHLAS Medic Assist Takaful (IMAT) product.

President/Chief Executive Officer of Takaful Ikhlas, Syed Moheeb Syed Kamarulzaman said the award was an honour for the company as it was the first time it was receiving the award after KLIFF was started five years ago.

Although it has been only five years since Takaful Ikhlas entered the takaful or Islamic based insurance industry, the award it has won for one of its 78 products signifies a major milestone for the company, he said.

It shows that although the company is relatively new, its products are at par with other big companies who have been active in the business for a longer time.

Syed Moheeb said that among the special features of IMAT, a hospitalisation and surgery plan, was its low contribution level compared with other products in the insurance and takaful industry.

Takaful Ikhlas Set To Move Into Middle East Market Next Year

Bernama : Takaful Ikhlas Sdn Bhd, provider of financial protection guided by Islamic principles and values is set to spread its wings into the Middle East market particularly the Gulf Cooperation Countries next year, its president and chief executive officer Syed Moheeb Syed Kamarulzaman said.

With the slowdown in the global economy, he said the competition among the eight takaful companies in Malaysia would be more intense.

"But we have our own niche market and our niche market is basically like family life both for individuals as well as group.

"We are very mindful that these two markets might be susceptible to the economic slowdown, so as such, we are instituting several measures including maintaining customers royalty," he told Bernama at the recent Kuala Lumpur Islamic Finance Forum Dinner and Islamic Finance Awards presentation recently.

He said Takaful Ikhlas' target was to have something in 2009.

"As you are aware our parent company, MNRB Holdings Bhd has already had a 10 percent interest in UK's takaful company.

"So we are planning to do something in other countries next year so we look elsewhere, somewhere in the Gulf Cooperation Countries (GCC)," he said.

Syed Moheeb said the company was mindful of the slowdown in the economy, stressing that it was a recession but just a slowdown.

"Having a slowdown means that it gives us the opportunity to consolidate. So we will do two things."

Firstly, he said they would look at whatever internal weaknesses and seek to improve them and secondly, be very creative and look at new ways in getting into business.

At the dinner, Takaful Ikhlas was awarded the "Most Innovative Takaful Product Award," for its product Ikhlas Medic Assist Takaful (IMAT).

The award was presented by Second Finance Minister Tan Sri Nor Mohamed Yakcop, who was the guest of honour.

Commenting on the award, Syed Moheeb said: "We are very happy to receive this most innovative takaful products especially for a product which we are very confident of its success and product which serves market needs."

He said the Ikhlas Medic Assist Takaful offers five plans of comprehensive hospitalisation and surgical coverage at affordable costs.

"The product, which has a social value is unique because it is priced competitively," he said.

Touching on the company's performance, he said Takaful Ikhlas financial year ends March 31, 2009.

"We are initially targetting RM500 million (gross contribution) for that period, which will be an increase from RM428 last year. However we expect by March 31,2009 we will be able to touch RM600 million," he said.

According to Syed Moheeb, this year, Takaful Ikhlas which offers a comprehensive range of family, Group and General Takaful Plans and Riders for individuals and commercial enterprises, had a slower roll out of new products this year compared with the previous year.

"This is because we wanted to ensure time promoting and marketing the products that we have rolled out.

"We will have one more product to roll out before March 31.It is something on the family side," he added.

Takaful Ikhlas Says It Is On Track To Secure 1 Mln Policyholders

Bernama -- Takaful Ikhlas Sdn Bhd is on track to get one million policy holders by the financial year ending March 31, 2008 from about 800,000 currently.

Its president and chief executive officer, Syed Moheeb Syed Kamarulzaman, said the company is confident of achieving the target and customers' confidence after receiving the MS1900:2005 certification.

Given by Sirim QAS International Sdn Bhd for quality management system and Islam perspective, Takaful Ikhlas is the first takaful and insurance company in the country to acquire the accreditation.

He said the certification received by the company in August also met the company's mission of giving importance to syariah values.

"This is the second accreditation we got after ISO:9001, and this reflects our commitement to improve our quality especially on the aspect of our management system," he said at the company's Hari Raya open house here Thursday.

Asked whether the company had plans to venture overseas, he said there was, but there were also a lot of work to be done locally.

"We are looking at a few countries. The countries that we will go to will depend on what the eventual returns are to us."