PruBSN transfers takaful business, converts composite licence
KUALA LUMPUR: Prudential BSN Takaful Bhd (PruBSN) yesterday announced the conversion of its composite licence into a single licence, in accordance with the legislative requirements of the Islamic Financial Services Act 2013.
The conversion also resulted in the transfer of its general takaful business to Syarikat Takaful Malaysia Am Bhd (STMAB), a wholly-owned subsidiary of Syarikat Takaful Malaysia Keluarga Bhd (STMKB).
This is pursuant to the approval by Bank Negara Malaysia on June 29 and High Court order on September 12.
“We are committed to delivering the best to our customers and we understand the selection of the right partner to continue serving our general takaful certificate holders.
“Our decision to transfer the general takaful business to STMAB is based on the company’s excellent reputation and ability to manage the business going forward while continuing to provide comprehensive support to customers.
“PruBSN believes customers will continue to have access to the best solutions and service in meeting their general takaful protection needs with STMAB.
“Both PruBSN and STMAB have been working closely to ensure a seamless transition in the services provided to our customers,” said PruBSN chief executive officer Nor Azman Zainal.
He said the move would give PruBSN greater focus on its core family takaful business, supporting its commitment to narrow the family takaful protection gap.
The general takaful certificates to be transferred to STMAB are those issued under PruBSN’s Long Term Takaful Rumahku, Takaful Rumahku and PruBSN Pelindung plans.
The transfer will not have any impact on certificate-holders’ contributions, as well as the benefits and coverage relating to these plans.
STMKB group chief executive officer Datuk Seri Mohamed Hassan Kamil said the transfer would see STMAB continuing takaful protection for the customers of PruBSN and allow it to serve more Malaysians.
“STMAB is committed to support the development of the takaful industry.
“With a strong household brand of ‘Takaful Malaysia’ among Malaysians for over 30 years, we are dedicated to deliver the best service to our customers and help them achieve their ambitions for a more secure future.”