Kuala Lumpur, August 17, 2006 ~ Kuwait Finance House (Malaysia) Berhad (KFHMB), the first foreign Islamic bank in Malaysia, has forged a strategic alliance with three main Takaful operators, Syarikat Takaful Malaysia Berhad, Takaful Nasional Sdn Bhd and Takaful IKHLAS Sdn Bhd, to provide convenience for financing as well as Takaful protection for assets and properties.
Representatives from KFHMB and the main Takaful operators sealed the pivotal alliance at a signing ceremony in Kuala Lumpur , marking the first strategic partnership between KFHMB and the three entities. Signed on behalf of KFHMB was Mr. K. Salman Younis, Managing Director of KFHMB, with representatives from the three entities, Tn. Hj. Mohd Azmi Abu Bakar, Chief Executive Officer, Takaful Malaysia Berhad, En. Adam Manaf, Acting Chief Executive Officer, Takaful Nasional Sdn Bhd and Tn. Hj. Syed Moheeb Syed Kamarulzaman, Managing Director, Takaful IKHLAS Sdn Bhd.
The arrangement paves the way for the partners to leverage on each other's strengths and vast business networks. This strategic alliance will provide a convenient way for KFHMB Customers to take up Takaful products with the three Takaful operators through KFHMB business channels. The Takaful products being made available to KFHMB customers are Takaful Mortgage Reducing Term Assurance (MRTA), Motor Takaful, Takaful Fire, Takaful House owners and other general Takaful products. At the same time, KFHMB is also providing Group Family Takaful coverage to all KFHMB employees as part of its staff benefits scheme.
The distinctive feature in the Takaful MRTA financing arrangement that KFHMB is providing is that the Takaful MRTA contribution is being financed based on the Qardh (interest free loan) concept. This arrangement is made to encourage all KFHMB home and property financing customers to take up the benefits of the Takaful MRTA at no extra cost. At the same time, this arrangement will also ensure that the whole financing transaction is fully Shariah compliant.
"Through this alliance, KFHMB will be the first Islamic bank in Malaysia to provide full financing on Takaful Mortgage Reducing Term Assurance to our KFH Musyarakah Mutanaqisah Home & Property Financing-i, at zero profit rate, throughout the tenure," commented Mr. K. Salman Younis, Managing Director of Kuwait Finance House ( Malaysia ) Berhad.
Mr. K. Salman Younis in his speech highlighted that smart partnerships and strategic alliances amongst Islamic financial institutions, could play an important role in enhancing the Islamic Financial industry.
Syed Moheeb Syed Kamarulzaman, Managing Director of Takaful IKHLAS added, "Takaful IKHLAS is just as excited that we are able to offer our takaful plans to meet the needs of KFH customers and products. Our services are supported by state-of-the-art technology, designed to ensure accuracy and timeliness of information. We continuously strive to enhance our systems ability and further leverage on the use of technology to better serve our customers. We believe this will help enhance our efficiency and professionalism when dealing with customers, as well as adding value to our stakeholders. This, I trust is very much in tandem with KFHMB's desire to provide the best financial services to its customers." In line with the company's aspiration to be the preferred Takaful provider, Takaful IKHLAS intends to continue playing a leadership role in the Takaful industry.
Commenting on the strategic alliance, Adam Manaf, Acting Chief Executive Officer of Takaful Nasional Bhd said, "We look forward to this business partnership with Kuwait Finance House ( Malaysia ) Berhad as it is a business opportunity to grow and expand the Company and the Takaful industry. In fact, KFHMB choice of Takaful Nasional as one of its business partner is a proof of the strength, capabilities and confidence we are able to provide to our business partners."