The Islamic insurer will start a distribution channel to focus initially on Java and Sumatra as part of a plan to mine opportunities in the world's most populous Muslim nation, Chief Executive Mohamad Salihuddin Ahmad said.!
"We are the latecomers, so to be able to differentiate ourselves we will need a different strategy." (full story)
"Indonesia is such a vast country, we need to have the right network, the right distribution strategy." !
Great Eastern Takaful is owned by a unit of Singapore's Great Eastern Holdings Ltd and Malaysia's armed forces cooperative.!
Salihuddin said Great Eastern's conventional business in Indonesia has a much smaller agency force than larger players which typically have 60,000-70,000 people.!
Great Eastern would initially offer takaful products through an Islamic window in Indonesia and could set up a separate Syariah insurance entity in 2012, he said.!
It plans to tap Middle Eastern wealth in Singapore from the first quarter of 2012 by contacting customers of OCBC Bank and its unit Bank of Singapore, Salihuddin said. Great Eastern is a unit of OCBC.!
"This is at an initial stage," he said. "We have to make sure that our Malaysia takaful operations have a strong foundation because all the technical and product support will be done here." Reuters
Source : http://www.bt.com.bn/business-asia/2011/04/19/msian-islamic-insurer-plans-indonesia-foray
No comments:
Post a Comment