Warning: Creating default object from empty value in /home/customer/www/ebctv.net/public_html/wp-content/plugins/dfd-extensions/redux_framework/ReduxCore/inc/class.redux_filesystem.php on line 29
Islamic finance industry still sees low market penetration – Economics & Business Channel
Preloader logo

Islamic finance industry still sees low market penetration

Islamic finance industry still sees low market penetration

The thriving Islamic finance industry in Malaysia has allowed Prudential BSN Takaful Bhd (PruBSN) to expand into East Malaysia on the back of developing an app to further capture market share in Malaysia.

PruBSN chief executive officer Azim Mithani told The Borneo Post recently that Islamic finance has grown positively worldwide and will continue to grow very well in Malaysia.

“Particularly for takaful, there is a strong growth in both family and general takaful which will also continue to expand further in Malaysia given the low market penetration,” he said.

“Last year, we expanded our business by launching our first East Malaysian branch in Kota Kinabalu, Sabah. The booming business activities we see in this region provide great opportunities for PruBSN. Currently, we are already serving over 600,000 customers, meaning that we protect two per cent of the Malaysian population and their families and our presence here will allow us to extend our reach to more Malaysians through our takaful products and services.”

Azim affirmed that takaful can offer services and protections that are beneficial to the public as it is based on mutual co-operation where participants contribute money into a pooling system in order to guarantee each other against loss or damage.

Although based on the Islamic concepts, efforts must be made to increase the level of awareness and ensure that takaful is appealing to all levels of society, regardless of their backgrounds, he said.

“With this in mind and anchored on the spirit of ‘togetherness’ and our deep seated credo of ‘Takaful for all. for life’, we continue to develop and provide world class takaful offerings across all spectrums of society, while actively exploring technology and integrated marketing and brand promotion campaigns as new drivers of growth.”

Azim further outlined PruBSN’s focus on family takaful, adding that this will be further enhanced by its PruBSN mobility app.

“More Malaysians can now have access to our takaful coverage, including our best-selling and comprehensive regular contribution investment-linked plans called PruBSN Link Series,” he explained. Under this Link Series umbrella, there are three products namely the PruBSN FirstLink, PruBSN SmartLink and PruBSN TakafulLink, which gives complete flexibility while providing the best protection and investment deals.

“There is also our latest HealthEnrich that is tailored for individuals who are looking for comprehensive medical protection and a high quality of service and care. On top of this, PruBSN offered close to 40 supplement plans for our customers to choose from according to their needs, affordability and lifestyles.”