AIA, Alliance to tap Malaysian takaful opportunities

A new joint venture will offer a range of Takaful savings, protection and investment products designed to meet the unique needs of Malaysians.

Known as AIA AFG Takaful Bhd, the joint venture was launched by AIA Bhd. and Alliance Bank Malaysia Berhad.

At the launch ceremony Mr. Mark Tucker, AIA Group Chief Executive & President, said: "With this launch, AIA is set to become a major player in the important and fast-growing Takaful market in Malaysia. AIA has been providing customers in Malaysia with insurance and investment products for 63 years and we are delighted to be able to extend our products and services, leveraging our considerable financial strength and local Asian market expertise and experience.

"Malaysia is one of our largest markets and we are committed to developing our strong leadership position and to reaching every customer we can, helping them to protect and save for their future in the way which best suits them and their families' needs."

The Takaful market is an important and sizeable strategic opportunity for AIA as it allows AIA to access the large Muslim population who are now able to purchase Shariah-compliant products to benefit their families.

Datuk Oh Chong Peng, Chairman of the Alliance Financial Group Berhad said, "The launch of this partnership is another milestone for the Bank as it reflects our firm commitment towards providing a broader range of Shariah-compliant financial solutions covering Islamic banking and Takaful to meet the demands of our customers."

"This is a timely opportunity as it not only allows us to offer a wider range of financial solutions but also meets the Government's aspiration to accelerate the penetration of Takaful to Malaysians in the urban as well as rural areas."

Encik Wan Azman Wan Mamat, CEO of AIA AFG Takaful Bhd. thanked Bank Negara for the opportunity to develop this very important Takaful industry. He said, "To differentiate ourselves from the competition, we aim to understand the needs of the more discerning Malaysian customers and to develop products with their needs in mind."

"To target a wider segment of the Malaysian market, our products will initially be focused on protection, education, savings and investment. The first three of our Family Takaful products that are now available to customers are A-Mas, A-Prima and Mortgage Reducing Term Takaful (MRTT). A-Mas is an investment-link plan offering both protection and investments, while A-Prima is a whole life protection plan offering protection up to 99 years of age. Both A-Mas and A-Prima are available through our agency force while the MRTT is being offered through over 90 Alliance Bank branches nationwide."