About ING PUBLIC Takaful Ehsan Berhad (Takaful Ehsan)

ING PUBLIC Takaful Ehsan Berhad

(Takaful Ehsan) was formed through the
strategic alliance between ING Management Holdings (Malaysia) Sendirian Berhad
(ING), Public Bank Berhad (PBB) and Public Islamic Bank Berhad (PIBB), a wholly-
owned subsidiary of PBB. ING, PBB and PIBB have an equity participation of 60%,
20% and 20% respectively in the company.

Incorporated on 11 March 2011, Takaful Ehsan will leverage on ING and PBB
Group’s leadership positions and established infrastructure in the banking and
insurance industries to drive growth and increase Family Takaful penetration both in
the domestic market and in Asia. The company will capitalise on the strengths of its
shareholders by focusing on marketing its products using the bancatakaful and
agency distribution channels.

Takaful Ehsan will also leverage on ING Insurance’s market leadership position in
providing competitive Employee Benefits products. Takaful Ehsan will develop a full
suite of custom-made products to cater to various customers’ needs as they move
into the different stages of their life cycles.

Takaful Ehsan derives its name from its guiding philosophy.
It is a word which means doing and showing goodness to benefit others.
Ehsan also reflects the commitment by the two renowned financial services brands to
offer excellent Family Takaful products and services to all Malaysian.

The company’s brand promise of ‘Teman Sepanjang Hayat’ is a reflection of its
commitment to establish long-lasting relationships with its customers by providing
them with excellent product solutions and uncompromising services to meet their
financial needs throughout all their life stages

Shariah Committee Members

Professor Dato’ Dr. Mahmood Zuhdi bin Hj Ab Majid (Chairman)
Professor Madya Mohd Ridzuan Awang
Asst. Professor Dr. Mohd Afandi Awang Hamat
Asst. Professor Dr. Abdul Bari Awang
Dr Rusnah Muhamad

Management

Chief Executive Officer
Saiful Yazan Ahmad
Head Of Distribution
Mohd Hakem Nordin
Head Of Finance
Mohd Raizal Mohd Rais
Head Of Legal, Compliance and Shariah
Mohd Asri Omar
Head Of Human Resource
Misluna Mohd Siraj

By Bernama published 4 months ago

Original Article Source: Bernama

Filed Under: News Articles

Newly launched ING Public Takaful Ehsan Bhd aims to achieve RM31 million in premiums or contribution in its first year of operation, driven by potentials in the Takaful market which still has low penetration rate in Malaysia.

“Moving forward, we target to grow our market share to 10 per cent on the back of projected contributions of over RM800 million by 2015,” said its Chief Executive Officer Saiful Yazan Ahmad after the launch of the joint venture company here.

The company is a strategic alliance between ING Management Holdings (Malaysia) Sdn Bhd with 60 per cent equity participation, and both Public Bank Bhd and Public Islamic Bank Bhd with 20 per cent stake respectively.

“We will leverage on our shareholders’ strength to have at least 10,000 agency forces and also distribute our products through Public Bank and Public Islamic Bank’s network of 250 branches,” Saiful said.

The local Takaful business still represents a huge untapped market for the company, he said.

“The penetration rate of Takaful among the 16 million Muslims in the country is only around 10 per cent, compared to the conventional insurance penetration which is around 45 per cent,” he said.

A few more products is slated for introduction this year, namely the investment link family Takaful, term personal assurance and medical coverage products.

Saiful said the company may also venture into foreign markets, but added there was nothing concrete yet.

Public Bank’s Managing Director and Chief Executive, Tan Sri Tay Ah Lek said the initial revenue contribution to Public Bank may be low but expected the contribution to be significant in three years.

Also present at the launch, Bank Negara Malaysia Deputy Governor Datuk Mohd Razif Abd Kadir said the takaful industry was poised to benefit in the years ahead, given the large untapped market with only 54 per cent of the population having a life insurance or family takaful policy. — BERNAMA