CHINA - BANKING - Alkhair International Islamic Bank eyes opportunities in Shanghai and Great Eastern Takaful looking Indonesia, Brunei, Singapore and China

www.cpifinancial.net - The bank’s Chairman, Datuk Kamaruddin Taib, revealed to Islamic Business & Finance that he will be flying to Shanghai tomorrow (1 June) to take a closer look at a prospect in China’s most populous city. (source)

INDONESIA - TAKAFUL - Great Eastern CEO optimistic about Southeast Asian market

www.insuranceinsight.eu - Asia's oldest insurance group, Great Eastern, remains bullish on the prospects of the industry in Southeast Asia, despite the eurozone crisis, low penetration rates and insufficient coverage in several regions.

According to Asian publication, The Sun Daily, Great Eastern CEO Chris Wei was addressing reporters at the launch of its Live Great loyalty programme on Friday.  (source)

INDONESIA - TAKAFUL - Great Eastern looks east

Great Eastern Takaful, one of Malaysia’s top Islamic insurers, has announced that it will be expanding its presence across the Indonesian border in 2012.

GE Takaful hopes that by moving into the nascent Islamic insurance market in the world’s most populous Muslim state that it will rapidly assume a top three market position.  (source)

INDONESIA - TAKAFUL - Great Eastern Takaful eyes top 3 spot in Indonesia

thesundaily.com.my - KUALA LUMPUR (Nov 28, 2011): Great Eastern Takaful Sdn Bhd (GE Takaful) has unveiled a plan to become one of Indonesia's top three takaful players in three to five years, by introducing affordable takaful plans and leveraging on its bancatakaful distribution partnership with Bank OCBC NISP there.

Its CEO Mohamad Salihuddin Ahmad said the company will venture into the republic next year, initially in Java and Sumatera. It will then enter other areas such as Kalimantan and Sulawesi.  (source)

MALAYSIA - TAKAFUL - Insurer sees growth in Islamic products : up to 1/3 of new policies in five years

KUALA LUMPUR: Great Eastern Holdings Ltd, the biggest life insurer in Malaysia, is aiming for Islamic products to make up a third of its sales from new policies in five years as it taps a younger and more affluent Muslim population.

Great Eastern and its partner Koperasi Angkatan Tentera Malaysia Bhd received a so-called Takaful joint-venture licence from the Malaysian central bank last year, allowing them to offer Islamic insurance products. (source)

TAKAFUL - SINGAPORE - Great Eastern to tap into growing RI middle class

Singapore-based Great Eastern Holdings expects to market more affordable life insurance products to tap into a growing middle class in Indonesia, one of its key markets in Southeast Asia.

Great Eastern Holdings Group CEO Christopher Wei said in Jakarta on Friday that his firm would introduce affordable life insurance products in the country to shift its focus from the upper-class market dominated by investment-linked products. (source)

TAKAFUL - M'sian Islamic insurer plans Indonesia foray

MALAYSIA'S Great Eastern Takaful will begin offering Islamic insurance products in Indonesia in the third quarter and hopes to launch its business in Singapore next year, its chief executive said yesterday.!

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)

TAKAFUL - New (Malaysian) takaful player sets RM1b target (and eyes towards Indonesia)

NEWLY-FORMED Great Eastern Takaful Sdn Bhd has set a target to win more than RM1 billion in premiums by 2015 by focusing on Malaysia and regional countries like Singapore and Indonesia.

Although some 41 per cent of Malaysians have conventional insurance, only 8 per cent have takaful, making the business highly attractive.

"This large untapped market presents an enormous business opportunity for us, which we hope to translate into a significant engine of growth for the group," chief executive officer Mohamad Salihuddin Ahmad said after the official launch of Great Eastern Takaful in Kuala Lumpur yesterday.

TAKAFUL - i-Great eyes regional market for takaful JV (Indonesia included)

KUALA LUMPUR: i Great Capital Holdings Sdn Bhd (i-Great), the parent of the new joint venture (JV) takaful licensee Great Eastern Takaful Sdn Bhd, hopes to expand its Islamic insurance operations in Indonesia and Brunei by the second half of next year in line with its aspiration to become a key takaful player in South-East Asia by 2015.

TAKAFUL - Great Eastern to boost takaful services (Indonesia included)

Great Eastern Holdings Ltd plans to recruit more Bumiputera agents to further strengthen its agency infrastructure, especially in takaful services.

Its chairman Fang Ai Lian said the company was well-positioned to grow its takaful business in Malaysia, supporting Bank Negara Malaysia's aim to make Malaysia an international Islamic financial hub.