Maybank unit eyes RM14mil premium from new product

Source: The Star

Saturday August 9, 2008

KUALA LUMPUR: Malayan Banking Bhd's (Maybank) insurance and takaful arm, Etiqa, is eyeing RM14mil in premiums from its newly launched BizPac.

It hopes to achieve this by riding on the growing number of small and medium enterprises (SMEs) in the country.

“According to Ministry of International Trade and Industry, there are about 590,000 SMEs in Malaysia,'' said executive vice-president (enterprise corporate), Shahrul Azuan Mohamed, at the launch of BizPac yesterday.

“It is a big market that we want to tap together with Maybank and provide the necessary support to protect the businesses and interests of the SMEs.”

BizPac is a package for SMEs involved in the manufacturing industry. It is a financial solution designed to assist proprietors manage their business and be protected in the event of unfortunate incidents.

“We provide real-time response which allows proprietors to assess their premium upfront using a single-premium methodology (where premium is computed as a single sum and will result in less documentation).

“With this feature, it provides the convenience to proprietors as it gives instant information on their premium to assist and expedite their decision and the convenience of a single-proposal form for their various insurance classes,” he said. – Bernama

Maybank to keep lead in takaful

Source: The Star
KUALA LUMPUR: Malayan Banking Bhd (Maybank) is confident of maintaining its position as the largest takaful operator in Malaysia after receiving good response for its latest product, Takaful Al-Waqi.

Since the soft launch on Monday, it has collected about RM30mil subscription from investors. Etiqa Takaful Bhd, the insurance and takaful division of Maybank, is in charge of distributing the fund.

Maybank executive vice president, head Bancassurance Ibrahim Muhammad said 95% of subscribers were individuals and the rest from institutions.

“We are confident that in two to three weeks time, the institutions will come in. We believe within this month, the whole fund totalling RM200mil will be fully subscribed,” he said during the launch yesterday.

From left: Maybank executive vice president head bancassurance Ibrahim Muhammad, Etiqa Takaful Berhad chief financial officer/executive director Hans De Cuyper and Etiqa Takaful Berhad deputy chief executive officer Amirudin Abdul Halim during the launch

Takaful Al-Waqi is a short tenure investment of two years with potential upside of 8.81% per annum. About 90% of the fund will be invested in shariah-compliant fixed income investments. The rest will be invested in shariah-compliant investment instruments that are referenced to the performance of an optimised commodity index for potential upside returns.

Etiqa Takaful deputy chief executive officer Amirudin Abd Halim said the fund needed to be invested according to what was allowed in Islamic law.

“We choose four broad-based commodity baskets members - energy, industrial metals, precious metal and agriculture sector - as they are all shariah-compliant,” he said.

Chief financial officer/executive director Hans De Cuyper said commodities, such as metals, were in demand.

“The rising of China and India as industrial players commands a huge demand for metals for their development.

“That's why we are investing in commodities, as they are not really affected even during economic softening,” he said.

Takaful Al-Waqi, which is open to customers aged 18 to 70 with a minimum single investment of RM20,000, is available at its 21 Etiqa Takaful branches.

Malaysia: Etiqa Takaful launches Takaful Medic-Save Rider

Etiqa Takaful Launches Takaful Medic-Save Rider

KUALA LUMPUR, June 20 (Bernama) -- Etiqa Insurance Bhd today launched their latest offering, a traditional family takaful medical plan, the Etiqa Takaful Medic-Save Rider.

"We are targeting 20,000 policies in Takaful Medic-Save Rider next year. As of June 15, the medical plan has already been attached to more than 5,000 policies and this has surpassed our initial target of about 60 percent," said Ab Latiff Abu Bakar, Etiqa's Head of Agency.

The Etiqa Takaful Medic-Save Rider was soft launched in February with an initial target of up to 2,000, he told a media briefing here today.

The family takaful medical plan was officiated by Datuk Seri Harussani Zakaria, chairman of Shariah Committee Etiqa Takaful Bhd here Friday.

The Etiqa Takaful Medi-Save Rider provides coverage of 90 percent of medical and hospitalisation bills and comes with a medical card for hassle-free admission to panel hospitals, he said.

There are more than 190 hospitals nationwide for the certificate holders to select from.

"With Etiqa Takaful Medic-Save Rider, among the benefits for Etiqa Takaful's certificate holders are hospitalisation and surgical benefits, emergency and outpatient benefits, choice of extending coverage by upgrading to more comprehensive plan, medical card and guaranteed renewal of up to 75 years of age," he said.

Furthermore it is made more affordable with the option of monthly, quarterly or yearly contributions, he said.

Visit Etiqa's website at www.etiqa.com.my for more information on the product.

-- BERNAMA

Peluang Menambah Pendapatan: Perunding Takaful diperlukan

1. Adakah anda selesa dengan keadan ekonomi anda?
2. Kesan daripada kenaikan harga minyak & barang-barang keperluan, adakah ianya memberi ksan kepada keadaan ekonomi keluarga anda?
3. Adakah anda berpuas hati engan pekerjaan dan pendapatan yanganda perolehi sekarang?
4. Jikan anda berpuas diberi peluang untuk menambahkan pendapatan keluarga sebagai Perancang Kewangan Islam Etiqa Takaful tanpa mengganggu tugas hakiki anda, adakah anda bersetuju?

Adakah anda berminat untuk dilantik sebagai Perancang Kewangan Islam, sama ada sepenuh masa atau separuh masa?

Pihak kami menyediakan latihan dan bimbingan untuk anda maju dalam bidang yang mancabar ini. Sekiranya anda berminat sila hubungi kami untuk penerangan yang lebih lanjut.