IslamicFinance.de

Takaful Malaysia aims to expand its market share in the general takaful business after recording higher turnover and earnings for its 2017 fiscal year. The company increased its revenue by 6.5% to RM2.14 billion year-on-year due to the higher sales in the family and general takaful businesses. Group CEO Datuk Seri Mohamed Hassan Md Kamil said the company maintained its lead position in the family takaful segment and the fire and motor classes’ gross contribution shot 20% up from FY16 to close at RM591 million. He added that Takaful Malaysia is also in the middle of enhancing its digital capabilities. Significant investment has been made in tools, applications and new technologies to improve operational efficiencies and enhance the customer experience. The takaful operator surpassed the RM200 million mark for the first time since its inception in 1984, growing at a compounded annual growth rate of 27%.

Syarikat Takaful Malaysia Berhad has revealed that it bought a RM85 million Islamic bond from 1Malaysia Development Berhad (1MDB) in 2009, but the Islamic insurance company assured that the investment was low-risk. Takaful Malaysia group managing director Datuk Seri Mohamed Hassan Md Kamil said the bond was purchased from Terengganu Investment Authority (TIA), which was 1MDB's previous incarnation. It was purchased at a coupon rate of 5.25% and will mature in 2039. The bond iis guaranteed by the government. Hassan said the sukuk only represented about 2% to 3% of its total asset base of RM7.1 billion. He said 1MDB had yet to redeem the bond.