Takaful IKHLAS To Broaden Income Base With Property Acquisitions
2 Mar 2010
KUALA LUMPUR, March 1 (Bernama) -- Takaful Ikhlas Sdn Bhd, a wholly-owned subsidiary of MNRB Holdings Bhd, is looking to diversify its investment portfolio by acquiring commercial properties.
Its President and Chief Executive Officer, Datuk Syed Moheeb Syed Kamarulzaman, said the company's move into its own building in Bangsar South would hopefully become the beginning of its plans to broaden its income through investments in properties.
Its investment portfolio currently covers equity, cash and bonds.
"This is a really good investment for us because the yield is higher. We bought this building (a new office) at a very low price during the recession," he told reporters during a recent media tour of Takaful Ikhlas's new corporate office in Bangsar South here.
He said the property comprising two towers, and bought during leaner times, had appreciated by 26 per cent now, and there was a good projection for rental income from the building.
Syed Moheeb said the company had invested RM87 million another RM10 million for renovation of the new headquarters, IKLAS Point.
The company which moved into the new building on February 2, will officially launch it on Monday, March 1.
Syed Moheeb said the company planned to buy more properties, particularly for rentable offices to ensure yearly rental income.
He said the company expected to see property investments accounting for at least 20 per cent of its investment income for the financial year ending March 31, 2011.
The purchase of the property was done through the company's Family Fund, which was given the approval by its Investment Committee in July 2008 to specifically invest in commercial properties.
Takaful Ikhlas' total assets currently stand at more than RM1.2 billion, of which 60 per cent comes under its Family Fund and the balance under its Shareholder Fund and General Risk Fund.
Syed Moheeb said the company was also looking to house its existing 10 branches in its own buildings in the future. All the branches are currently renting their premises.
Established in September 2002, Takaful Ikhlas offers a range of takaful services to more than 1.3 million certificate holders to date.
Its product portfolio consists 76 per cent family takaful and 24 per cent general takaful.
The company which has an authorised capital of RM500 million and paid-up capital of RM195 million, provides its Islamic insurance services through its 4,500 agents nationwide.
-- BERNAMA
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