Takaful operators must work together: Hong Leong
Published on: Thursday, January 29, 2015
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Kuala Lumpur: There will always be a need for takaful despite the state of the Malaysian economy.However, takaful operators must work together to aggressively promote the product to the public, said Hong Leong MSIG Takaful Bhd.

Chief Executive Officer Wan Mohd Fadzullah Wan Abdullah said it was imperative to educate the public that takaful was an all-weather financial planning tool. "When creating public awareness on takaful, we must not go on the course of comparing takaful and conventional insurance, as both cannot go head on.

"There are unique value propositions that takaful offers the public and it must be propagated by all involved in the industry," he told reporters on the sidelines of the Second Annual Future of Global Takaful here Wednesday.

While the growth of takaful has been at a faster rate compared to conventional insurance, Wan Mohd Fadzullah said the volume was still low.

"More needs to be done to catapult growth to the next level," he added.

Sri Lanka-based Amana Takaful Life Chief Executive Officer, Reyaz Jeffrey said one effective way of promoting takaful awareness, was through agency channels.

"Takaful sells mainly through agency channels and we do a lot of internal promotions to ensure our agents are much more active.

"We find a lot of business in the takaful life business, whereby we grew 37 per cent last year and 55 per cent in 2013," he added. The two-day conference, which commenced today, was organised by Fleming Gulf Conferences.

Seemaa Sadik, International Conference Producer at Fleming Gulf said the company picked Malaysia as the conference venue given its reputation as the takaful hub.

"Furthermore, the market here has grown tremendously over the last two decades," she added.

The global Takaful market is projected to reach over US$20 billion with Malaysia, Saudi Arabia and the United Arab Emirates at the forefront of that growth. – Bernama


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