PRUBSN, STAN­CHART SAADIQ TEAM UP TO OF­FER TAKA­FUL SO­LU­TIONS

[ Source: Ber­nama, 19 July 2012 ]

Insurance - - COMPANY CORNER -

Pru­den­tial BSN Taka­ful Bhd (PruBSN) and Stan­dard Char­tered Saadiq Bhd (Stan­Chart Saadiq) have signed a Mem­o­ran­dum of Un­der­stand­ing (MoU) for a strate­gic al­liance to of­fer in­no­va­tive taka­ful so­lu­tions to cus­tomers. Stan­Chart Saadiq Bhd is the wholly-owned sub­sidiary of Stan­dard Char­tered Bank Malaysia

Bhd. Azim Mithani, PruBSN chief ex­ec­u­tive of­fi­cer, said PruBSN is still the num­ber one taka­ful op­er­a­tor in Malaysia with a cur­rent mar­ket share of about 29%. Wasim Saifi, chief ex­ec­u­tive of­fi­cer and global head con­sumer bank­ing for Stan­Chart Saadiq, re­marked that the bank aims to strengthen its Is­lamic bank­ing busi­ness as its Malaysian busi­ness con­trib­utes 25% to the bank’s to­tal global rev­enue in Is­lamic bank­ing, and the group hopes to im­prove this as­pect fur­ther through this strate­gic al­liance. Saadiq’s con­sumer bank­ing rev­enue has grown by 41% over the past four years and the bank hopes to po­si­tion it­self among the ma­jor play­ers in the Is­lamic fi­nan­cial arena. The bank has made Kuala Lumpur its global hub for Is­lamic con­sumer bank­ing. Cur­rently, Saadiq op­er­ates through eight branches and 32 Stan­dard Char­tered Bank Malaysia Bhd branches. Through this MoU, Stan­Chart Saadiq has made avail­able at its branches three new taka­ful in­vest­ment-linked plans un­der­writ­ten by PruBSN, namely SmartEdu-I, FirstHo­ri­zon-I and LifeLink-i.

Wasim Saifi

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