IslamicFinance.de

Great Eastern Takaful aims to be profitable by end-December and be among the top three players in the local takaful business, according to Chief Executive Officer Zafri Ab Halim. The company has registered growth which was mainly attributed to improvements from its corporate agency and bancatakaful channel. Great Eastern Takaful will continue growing its agency distribution via direct and dual agency as a key distribution channel as well as develop and launch products catered primarily for the Muslims' market. The joint-venture company between Great Eastern Holdings Ltd unit, I Great Capital Holdings Sdn Bhd and Koperasi Angkatan Tentera (M) Bhd, yesterday changed its status from a private to a public entity in line with the requirement of the Islamic Financial Services Act 2013.

Great Eastern Takaful Sdn targets RM20mil of total weighted contribution from its new product, i-Great Idaman. The family Takaful term plan provides biennial cash payout combined with protection. The group expects to get about 5,000 to 6,000 customers within the one year of the launch. According to Great Eastern Takaful chief executive officer Zafri Ab Halim the target market were individuals with middle to high income. He added that the product was suitable for people who already have medical protection and are seeking for other type of offerings.

After achieving a revenue growth of 50% at the end of October 2012 compared with the same period last year, Great Eastern Takaful Sdn Bhd (GETSB) is convinced it will reach a 60% to 70% growth in revenue till hte end of the year. The focus of the company will be its single contribution business as well as its regular contribution businesses. Currently, GETSB has a share of 4% of the local takaful market. Apart from the growth in revenue, an increase in the number of agents from the current 5,000 to 6,500 by 2013 is expected.