PRUBSN, STANCHART SAADIQ TEAM UP TO OFFER TAKAFUL SOLUTIONS
[ Source: Bernama, 19 July 2012 ]
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.