Islamic finance awards 2014: Takaful Ikhlas
Best takaful house
Takaful Ikhlas illustrates the professionalism commonly applied to this discipline in Malaysia. It’s not so much the institution’s scale – though its gross earned contribution of M$724.7 million during our year under review, and the 1.8 million individuals and corporations it serves through its 5,000-person distribution channels, are impressive – as its commitment to keep improving and amending and to try new things.
Initiatives in the past 12 months have included a tie-up with Malaysia’s National Heart Institute, a new group hospitalization and surgical product, three new investment products, new regional offices, a partnership with Kolej Al-Hikmah to conduct a takaful diploma programme, and a range of technological initiatives. Ikhlas offers 83 products in Malaysia.
There are early signs of cross-border expansion too. The firm’s marine cargo product is now sold to Malaysian interests in Singapore, India, Pakistan, Sri Lanka and Bangladesh.
Malaysia is one of only two markets in which takaful has critical mass, the other being Saudi Arabia, but the Saudi market is in flux following changes to the treatment of assets in Islamic insurers there.