Malaysia: Great Eastern inks takaful deal with Bank Muamalat
KUALA LUMPUR: Great Eastern Takaful Bhd has signed an agreement to distribute bancatakaful products with Bank Muamalat Malaysia Bhd, enabling the former to tap into the latter’s customer base of 700,000.
Great Eastern chief operating officer Zafri Abdul Halim said the partnership is the best step to maximise both companies’ potential in providing holistic financial solutions to customers as it will allow Bank Muamalat to access Great Eastern’s range of products that will enhance the bank’s product offerings to its customers.
“Currently, three credit-related takaful products pertaining to housing loan, hire purchase and personal loan are available at Bank Muamalat. As for advisory, our investment-linked family takaful plan, i-Great Bakti, is offered through Bank Muamalat so far,” he said at the signing ceremony and the joint launch of its first family takaful plan, M-Tiara Hajj.
M-Tiara Hajj takaful plan provides assistance from as low as RM100 to prepare for customers’ Haj as well as a maximum of RM500 aid to certificate holders to help finance the cost of a Qurban during Hari Raya Aidiladha.
In the last financial year, bancatakaful from Bank Muamalat contributed about 10 per cent to Great Eastern’s takaful revenue.
“We expect to achieve substantial growth in terms of contribution with the launch of M-Tiara Hajj. With Bank Muamalat’s resources and commitment, we are confident that we are able to achieve this target,” Zafri said.
Bank Muamalat expects to see a take up rate of 3,000 from its base customers on the joint product.
“We received good feedback on the soft launch for the product three months ago even though the promotion campaign and exposure on the product is not wide enough,” said its head of consumer banking division Attar Salleh.
“The take up rate is expected to be achieved by the end of our year ending March 31 next year.” he added.