Great Eastern launches Takaful business in Malaysia

Great Eastern offers Islam-compliant insurance products and services to cater 60.4% of Malaysia's population of 28.3mln.

Great Eastern Takaful Sdn. Bhd., a joint venture between I Great Capital Holdings (i-Great), a subsidiary of Great Eastern Holdings Ltd. and Koperasi Angkatan Tentera Bhd., a multipurpose cooperative, has commenced business in Malaysia.

Malaysia-based Great Eastern Takaful offers comprehensive takaful, or Islam-compliant insurance products and services, with the aim to achieve 180 million ringgit (US$57.2 million) in total weighted contributions for its first year.
Takaful market penetration remains relatively low in Malaysia, an untapped market that presents an enormous business opportunity for Great Eastern, said Ai Lian Fang, chairman of Great Eastern Holdings and i-Great, in a statement.

According to the CIA World Fact Book, 60.4% of Malaysia's population of 28.3 million is Muslim.

Fang said the new takaful business is a significant growth engine for Great Eastern Group, a subsidiary of Singapore-based Oversea-Chinese Banking Corp. Ltd. Malaysia is "the perfect platform" to launch takaful business as the country is a key market for the group, according to Fang.

The new takaful operation will leverage Great Eastern Life Malaysia's existing distribution channel with 17,000 agents, and plans to further enhance its agency infrastructure, said Fang.

View the full story in Trading Markets.

Follow the link for more news on

Also Read

Malaysia, UK tout Islamic finance to bridge green funding gap

Maybank kicks off Islamic banking operations in the Philippines

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit