http://www.btimes.com.my/Current_News/BTIMES/articles/ehsan11/Article/index_html
KUALA LUMPUR: ING Public Takaful Ehsan Bhd has set its sights on penetrating the overseas takaful market by 2015, said its top executive.
The Islamic insurance operator plans to leverage on its shareholders,
ING and Public Bank, which has presence in several global market such as
India, China, Indonesia and Indochina.
"A significant strategy of Takaful Ehsan is to embark on a global market penetration strategy after three years in operation," chief executive Saiful Yazan Ahmad told Business Times in a recent interview. (source)
"A significant strategy of Takaful Ehsan is to embark on a global market penetration strategy after three years in operation," chief executive Saiful Yazan Ahmad told Business Times in a recent interview. (source)
He said that the operator would undertake due diligence on the offshore plan and could possibly venture abroad as early as 2014.
Global takaful contributions are expected to reach US$25 billion (RM74.41 billion) by 2015, according to Ernst & Young's World Takaful Report 2011 released recently.
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Takaful Ehsan's cross border plan was in tandem with the government aspiration to encourage local players to tap into the global market.
Saiful noted that although Malaysia had pioneered takaful since 1985, there is still no global success story to date.
The operator is a strategic alliance between ING Management Holdings (Malaysia) Sdn Bhd with a 60 per cent stake, and Public Bank Bhd and Public Islamic Bank Bhd - with 20 per cent each.
Overseas, Public Bank currently has 81 branches in Hong Kong, three in Shenzhen, China, seven in Vietnam, three in Laos and one in Sri Lanka.
Meanwhile, ING Group, a global financial institution of Dutch origin offers banking, investments, life insurance and retirement services to over 85 million private, corporate and institutional clients in more than 40 countries.
ING has longed to make Malaysia its global Islamic insurance hub since its has no Islamic insurance arm in its stable.
However, Saiful said, Takaful Ehsan first needs to strengthen its local infrastructure and market penetration and then look to expand abroad.
"Takaful Ehsan hopes to complement other takaful players in increasing the local Muslim market penetration and subsequently exporting the expertise to acquire significant business from the global market," he said.
The company aims to generate "reasonable profits" from its fourth year in operations after breaking even the year before.
Takaful Ehsan's ambition is to hold 10 per cent of the Islamic insurance market with projected contributions of over RM800 million by 2015.
It aims to achieve RM31 million in premiums or contributions in its first year of operation, driven by potential in takaful, which still has a low penetration rate in Malaysia.
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