IslamicFinance.de

Takaful Ikhlas Bhd is confident the gross contributions for its financial year ending March 31, 2015 (FY15) will hit RM800 million, up from RM772 million in FY14, driven by its newly launched and final quarter awareness programmes. President and Chief Executive Officer, Ab Latiff Abu Bakar said the full-year target was achievable as the company had already secured RM400 million in gross contributions in the first six months of FY15. Ab Latiff said more promotional campaigns would be executed in the fourth quarter of FY15, that is from January-March next year, and expected non-Muslims to account for one-quarter of customers by end-March 2015.

Takaful Ikhlas will focus on group insurance schemes in efforts to educate more Malay clients on the importance of Islamic insurance policy and protection coverage. President and Chief Executive Officer Ab Latiff Abu Bakar said the Islamic insurance penetration rate by the Malays in the country was only 12 per cent. Of the 88 per cent of the Malay market for Islamic insurance protection which have not been penetrated, the company is aiming to secure up to 10 per cent next year, driven by would-be-launched new group schemes and existing group insurance policies, he said. Takaful Ikhlas is targeting RM10 million returns in the next five years from its group insurance schemes. Ab Latiff said Takaful Ikhlas was also confident of netting RM2 million worth of sales this year from RM1.5 million last year, aided by the appointment of more agents, up to 50, and improved marketing strategies.

Takaful Ikhlas allocates close to RM200,000 to carry out its corporate social responsibility (CSR) programmes for the whole month of Ramadan. On July 11, the company contributed RM16,000 to the Al-Ikhlas Home of Elderly Care and Treatment in Puchong, Selangor through its Ramadan programme. Besides this contribution, other daily necessities are also provided including medicine, clothing, food as well as other needs to manage the home.Earlier, 66 residents of the home received free health examinations before attending a special religious class by the company's employees besides a get-together session and iftar dinner. Various activities have been planned during Ramadan such as the exclusive cooperation 'Titipan Kasih Harian Metro' at Olak Lempit, 'Bubur Lambuk' programme, 'Salam Sahur', 'Kasih Syawal', health examination for chronic patients and 'Jom Beli Baju Raya', which will be held nationwide.

Takaful Ikhlas Sdn Bhd is looking to boost its family takaful business, regarded as a long term saving mechanism, to drive the company's growth and profitability further. According to its president and CEO Ab Latiff Abu Bakar, the company's family takaful business should grow by another 10% to contribute 70% of its gross contributions in the next three to four years. For the financial year ended March 31, 2012 (FY12), family takaful made up just over 60% of the operators contributions at RM501 million. One opportunity for growth is the expansion into corporate or group business which remains under-penetrated but a good way to reach the masses at a faster and cheaper rate. Takaful Ikhlas will also look to introduce new products packaged with Islamic services to further grow its family takaful segment.

Takaful Ikhlas Sdn Bhd has appointed a new chief executive officer of the general and family takaful company - Ab Latiff Abu Bakar. The appointment became effective on January 7th 2013. Latiff has a Bachelor Degree in Business Administration from the University of Portland, USA. He has furthermore over 20 years of experience in the field including senior management positions in insurance and takaful companies. Before joining Takaful Ikhlas, he was head of takaful in an international insurance company.

HLTM Takaful launches capital protection investment-linked scheme called The Alpha Crescent Investment Plan, which is a 3-year 100% capital protected plan. It is based on the concept of murabahah and wa’ad where the potential investment returns at maturity were referenced against the performance of the Alpha Crescent Index.

HLTM Takaful, which is managing the plan, said it would be distributed by Hong Leong Bank Bhd.

HLTM Takaful chief executive officer is Ab Latiff Abu Bakar.