Economist: How will they cope if there is mass redemption?
How has your life experience made you the leader you are today? I consider myself as an easy-going leader and a humble person. I’m from a kampung (village). I grew up in Kelantan and I led a traditional life where family values are important. When I became CEO, I continued to apply these values. You have to treat your customers and employees as your family members. By doing that, you can be successful. Every weekend I meet up with my takaful agents and I really go on the ground.
How has your previous employment experience aided your current position? Before I joined Great Eastern Takaful Bhd (GETB), I worked in Saudi Arabia’s Bank AlJazira in a CFO-equivalent position. There, the style was different. It was not easy for a soft-spoken person like me to manage the strong-minded locals. But I wanted to use my values and showed that I could still manage to get things done. underlying investment? What did you do with the money?” he asked.
“Many schemes start off as members’ schemes. You join me
What have the highlights and challenges been during your tenure at GETB? In the third year of operations, we managed to secure the Best Takaful Operator (Asia) 2013 Award from Islamic Business & Finance. We also made a profit in 2013 which was my first year as CEO in GETB. As a CEO, I need to manage people. I then you will get a certain privilege among the group members,” he added.
The size of the alternative investments market is unknown but it looks to be growing.
Hence, the economist is concerned over the investment return for the alternative schemes.
“The attractiveness is the amount of depositors that come in. It will crack one day when there is mass redemption. Then how do they deal with it?
“When there is mass redemption, then it will face an illiquid situation and you don’t have underlying assets to support the mass redemption,” he said, noting that all these schemes should be subject to rules and regulations, especially if they involve deposit-taking from the public.