KUALA LUMPUR: CIMB Islamic Bank on Tuesday launched Takaful Suria, its first universal family takaful haj product that combines elements of savings, protection and financial stability to assist Muslims in fulfilling their religious aspirations and obligations.
Developed exclusively by its bancatakaful partner, Sun Life Malaysia Takaful Bhd, the product provides an insured individual a lump sum of RM1,500 special payout after the third year to set up a Tabung Haji account or top up existing savings.
Sun Life chief executive officer Muhammad Fikri Mohamad Rawi said the product had a stabiliser that would give gradual returns unlike conventional insurance that was more exposed to market volatility.
"With Takaful Suria we can give that assurance on top of complementing the haj/umrah preparation for bank customers," he told reporters after the product launch on Tuesday.
Muhammad Fikri said the company's market share of the takaful industry in Malaysia stood at 8.6% in the third quarter of 2015.
Currently, the takaful insurance penetration rate in the country is at 13%, out of the 56% combined with conventional insurance.
The Government's targeted penetration rate is 75% by 2020.
"We expect the takaful industry penetration rate to grow to about 14% in 2015 and expect it to improve between 0.5% and 1% this year judging from the industry's growth trend in the past five years," said Muhammad Fikri.
CIMB Islamic Bank chief executive officer Rafe Haneef said that since the soft launch of the product in November 2015, it has closed 1,000 policies.
"The product also comes with a final benefit where the value of universal account will be paid at the end of the contract term.
"It also doubles the basic benefit which is payable in the event of death, total and permanent disability while performing haji/umrah," said Rafe.
(The Star Online / 12 January 2016)
---Alfalah Consulting - Kuala Lumpur: www.alfalahconsulting.com
Islamic Investment Malaysia: www.islamic-invest-malaysia.com
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