NEWS RELEASE
Alliance will increase Prudential BSN Takaful Berhad’s distribution network and market reach; will provide Affin Islamic Bank customers a wider selection of takaful products
Kuala Lumpur, 28 June 2010: Prudential BSN Takaful (PruBSN) sealed an agreement with Affin Islamic Bank Berhad (Affin Islamic) today to enter into a strategic alliance for Bancatakaful. Representing PruBSN at the ceremony was Mr. Azim Mithani, Chief Executive Officer whilst Affin Islamic was represented by its Chief Executive Officer, Encik Kamarul Ariffin Mohd Jamil.
With this partnership, PruBSN is now able to broaden its market reach for its Family Takaful products by tapping into Affin Islamic’s customer base. PruBSN is planning to introduce more Family Takaful products that will be tailored and marketed to customers of Affin Islamic in phases.
In his speech, Mr. Azim Mithani said, “The collaboration with Affin Islamic augurs well with PruBSN’s strategy of strengthening our distribution capabilities in the family takaful sector. We are keen to work with Affin Islamic in this area and believe that the efforts made by both organisations will benefit our customers. We see a significant shared advantage and matching capability. This relationship will certainly help the development of the takaful market by both organisations.”
Mr. Azim Mithani also said that the strategic alliance would allow both companies to capitalize on a more comprehensive and extensive client bases to produce integrated family Takaful products that are tailor made to the life cycles of their customers.
“Our innovative solutions and business dynamics enable us to provide solutions that meet the needs of the market. Affin Islamic’s strength, financial services expertise together with its customer base will offer us great opportunities to penetrate new market segments and also help us elevate our product development initiatives,” he added.
Encik Kamarul Ariffin Mohd Jamil says, “we are optimistic that our strategic alliance and collaboration will further enhance the Bank’s product offerings throughout Malaysia. Prudential is well known in the market for product knowledge and variety, sales techniques, customer service and has a strong agency force. This is one way where the Bank can see common synergy with PruBSN to collaborate and cross-sell both takaful and the Bank’s financing products.”
In the initial stage, the product being marketed under the agreement will be an education plan. This plan, which will marketed as PruBSN Educate, will provide financial protection against untimely demise and build accumulated fund for education.
PruBSN Educate is an investment-linked takaful plan that provides cash back upon the maturity of the plan. Parents who purchase this product for their children are entitled to use the contribution for tax deduction purposes.
PruBSN Educate will be available at all Affin Islamic branches beginning August 2010.
Jointly issued by: Prudential BSN Takaful Berhad and Affin Islamic Bank Berhad
For enquiries and information, please contact Monashalyza Mohd. Kassim at 03 2053 1011/monashalyza.kassim@prubsn.com.my.
About Prudential BSN Takaful
Prudential BSN Takaful, a joint venture between Prudential plc and Bank Simpanan Nasional Berhad. PruBSN provides innovative takaful solutions to the Malaysian market as well as savings and investment plans.
About Affin Islamic Bank Berhad
Affin Islamic Bank is a subsidiary of Affin Bank Berhad (AFFINBANK). It commenced operations as a standalone business entity on 1 April 2006. Previously, the Bank operated an Islamic banking window under its parent bank. Today, as a full-fledged Islamic bank, AFFIN ISLAMIC offers a wide range of Islamic banking products and services in Enterprise and Consumer banking.
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