Islamic finance awards 2012: Best takaful provider
In the eight years since its inception Takaful Ikhlas has shown some truly impressive results. It boasts more than 400,000 policyholders and has more than 52 separate products in general takaful. Takaful Ikhlas can demonstrate an average growth rate for the past four years of 36.75%.
It is particularly active in motor insurance, offering protection against the rising number of car theft cases in its home market of Malaysia. Takaful Ikhlas has more than 160,000 certificates in force for motor vehicles.
The insurer has developed the Ikhlas Medic Assist Takaful, which provides extensive coverage for hospitalization and surgery at rates based on the medical fees in the relevant locality. Policyholders also benefit from a medical card allowing for cashless admittance and discharge: Takaful Ikhlas was among the first takaful companies to introduce such a system.
The marine cargo business is a target for expansion for Takaful Ikhlas. Currently servicing more than 30 companies, it is looking to expand both its product lines and the geographical regions in which insurance is offered for marine cargo.