Malaysia's Hlm Takaful Eyeing Us$3.2mln From Mbsb Tie-up

Malaysia's Hong Leong MSIG Takaful Bhd (HLM Takaful) expects to net RM10 million (US$3.2 million) in gross premiums in the first year following the signing of a memorandum of understanding (MOU) with Malaysian Building Society Bhd (MBSB) for the i-Save takaful plan.

Acting chief executive officer (CEO) Abdul Khalid Salleh said HLM Takaful will be the first takaful operator to offer a family takaful product to MBSB under its bancatakaful channel.

"We are delighted to collaborate with MBSB in complementing its line of retail products with our HLMT i-Save takaful plan," he told a media briefing after the the MoU signing here today.

He added it will complement MBSB's sales force with in-depth knowledge of advisory financial planning including the required skills in product sales coaching and takaful licensing.

The company targets a 60 per cent contribution from its bancatakaful business by 2012-2013, he said.

"Curently our bancatakaful products from our mother bank and a third party bank contribute 40 per cent, and 60 per cent comes from our corporate and retail products," he added.

Meanwhile, MBSB CEO Datuk Ahmad Zaini Othman expressed optimism that MBSB will be able to underwrite at least 10,000 policies in the first year of the collaboration given its large customer base and over 40 branches nationwide.

"The partnership will also enable us to roll up this policy to our existing retail customers (in retail personal financing segments), so our intention is to put it in place together with our financing products to enhance the features of our personal financing products," he added.

HLM i-Save features contribution payment terms and coverage up to the age of 80. MBSB customers may opt for any HLM Takaful's value added-services such as the hajj by proxy (Badal Haji), wakaf and qurban.