KOTA BAHARU, March 19 (Bernama) -- Takaful Ikhlas Sdn Bhd has target premium growth to reach RM625 million for the current financial year ending March 31.

Its President and Chief Executive Officer, Datuk Syed Moheeb Syed Kamarulzaman said the figure is based on the positive growth recorded.

He said, the company which now had 1.4 million customers, posted a premium growth of RM580 million last year.

"The growth recorded can be seen as surpassing that of other larger insurance companies, which have been in operation longer in the country," he told reporters during the visit by the Takaful Ikhlas Sdn Bhd CEO Tour Series of Peninsular Malaysia, here on Friday.

"During the six-year period of Takaful Ikhlas' establishment, the growth achieved was so fast and beyond our expectations," he said, while stating that, the success is clear proof that the company had a strong internal strategy to compete and overcome other companies.

On the Tour, Syed Moheeb said it was a programme by the CEO to visit the offices of the Agency Chiefs of Takaful Ikhlas in Peninsular Malaysia.

He said the main objective of the Tour is to have face-to-face meetings with the Agency Chiefs to identify problems in greater detail.

Meanwhile, Syed Moheeb said the company plans to open two branches, in Terengganu and Klang,Selangor, in the middle of this year.

The openings will bring the total number of Takaful Ikhlas branches to 12 throughout the country.

He said that though the number of branches seems small to cater for the large number of customers, the company had no problems in doing so as it used the internet to undertake its business activities.

"(We) do not need lots of branches as what is important is the company's impact through cost efficiency and better growth every year," he said.

-- BERNAMA