News From : DagangHalal.com (28 Jun 2010)
KUALA LUMPUR, June 28 (Bernama) — Prudential BSN Takaful Bhd (PruBSN) on Monday signed a memorandum of understanding (MoU) with Affin Islamic Bank Bhd (Affin Islamic) to broaden its market reach for its Family Takaful products by tapping into the latters customer base.
PruBSN Chief Executive Officer (CEO) Azim Mithani said the collaboration was part of the group’s strategies to strengthen its distribution capabilities in the family sector.
“Through this collaboration, Affin Islamic will have access to our innovative range of advisory-based and credit related suite of products, which will enhance their offering to customers.
“As for PruBSN, we will deepen and widen our distribution reach and ensure more Malaysians are able to access our leading products, and cement our place in the Malaysian takaful industry,” he said to a press conference after the MoU signing ceremony here.
Meanwhile, Affin Islamic CEO Kamarul Ariffin Mohd Jamil said the five-year collaboration is expected to double its bancatakaful business which contributes between 15-30 per cent.
“PruBSN has a very strong agency sales force who are highly trained and well motivated. There is a common synergy to collaborate towards promoting and cross-selling both takaful and the bank’s financing products.
“This partnership will allow Affin Islamic to tap ino PruBSN’s expertise and marketing resources to further grow its revenue as well as acquire new customers,” he said.
In the initial stage, it has been agreed that the first product to be marketed under the agreement is an education plan, called PruBSN Educate.
“PruBSN Educate is an investment-liked takaful plan that provides cash back upon the maturity plan.
“Parents who purchase this product for their children are entitled to use the contribution for tax deduction purposes. The plan will be available at all Affin Islamic branches from August this year,” Azim said.