Kuala Lumpur - Manulife Insurance Berhad (MIB) has signed a five-year strategic partnership with Takaful Ikhlas Family Berhad (Takaful IKHLAS) on 8 January 2020.
Through this partnership, MIB intends to tap on the underpenetrated Takaful market in Malaysia. In 2018, the Family Takaful Business penetration rate in the country was up 1.3% to 15.2%.
This partnership will enable Manulife’s agency members to market and sell four of Takaful IKHLAS’s life insurance products to the growing segment of Malaysians seeking Shariah- compliant life insurance products. Meanwhile, Takaful IKHLAS is looking to expand its market share while leveraging on MIB’s high-yielding agents through the partnership.
MIB’s Chief Executive Officer, Lee Sang Hui said, “In tandem with the country’s aim to increase financial protection and takaful life insurance penetration in Malaysian households, this strategic partnership is timely and has huge potential for growth that will benefit both companies in the long run.”
President & Chief Executive Officer of Takaful IKHLAS, Mohd Din Merican said, “This partnership with MIB is part of our strategy in expanding our agency force and to penetrate new markets. This partnership will also focus on four of Takaful IKHLAS’ products namely IKHLAS Preferred Term Takaful, IKHLAS Savings Prime Takaful that focuses on health protection and savings, IKHLAS Education Plus that’s suitable for children’s protection and investment for their future and IKHLAS Wanita Elegance, a takaful protection specially crafted for women.”
With the high potential growth and increasing demand for takaful, this strategic partnership is expected to contribute to the growth of both MIB and Takaful IKHLAS. In addition, this partnership will further enhance the strength of both Takaful IKHLAS and MIB in providing takaful protection to Malaysians.