StanChart Saadiq offers PruBSN takaful products

KUALA LUMPUR (July 20, 2012): Prudential BSN Takaful Bhd (PruBSN) has teamed up with Standard Chartered Saadiq Bhd to jointly offer takaful products.

Source from (The Sun Daily): http://www.thesundaily.my/news/441686
Published: July 20, 2012

StanChart Saadiq CEO Wasim Saifi said the bank has made available three new takaful investment-linked plans underwritten by PruBSN at eight of its branches. The takaful products will also be available at the 32 conventional StanChart branches in the country soon.

Specially tailored for each stage of an individual's life, the SmartEdu-I, FirstHorizon-I and LifeLink-i plans allow customers the flexibility to secure protection and investment plan that suits their lifestyle and financial needs.

"As we move into wealth management, offering takaful products is a natural progression to meet the needs of our customers. This partnership reflects our commitment towards providing a broader range of syariah-compliant financial solutions covering Islamic banking and takaful to meet the demands of our customers," Wasim said at the signing of a memorandum of understanding between PruBSN and StanChart Saadiq yesterday.

PruBSN CEO Azim Mithani said the collaboration will further strengthen its distribution reach. Its annual contribution equivalent as at March 31, 2012 stood at RM63.1 million, maintaining its position as the leading takaful operator with a market share of 29.5%.

With only 10% of the country's population having a family takaful policy, the local takaful industry remains largely untapped and is poised to benefit in the years ahead on the back of increasingly strong consumer demand.

StanChart Saadiq currently contributes 11% to Standard Chartered Bank Malaysia Bhd's revenue and 25% to the group's Islamic banking business globally.

Wasim, who is also StanChart global head of Islamic consumer banking, said the bank is evaluating opportunities in Africa and the Middle East to further expand its Islamic banking business.

StanChart Saadiq is currently present in Malaysia, Indonesia, Bangladesh, Pakistan, the United Arab Emirates and Bahrain, with Kuala Lumpur being its global hub for Islamic banking.