CIMB Islamic Bank today launched the EasyLife Takaful Series, a range of bancatakaful plans designed to provide customers with Shariah-compliant options that caters to their families’ diverse needs.
CIMB Islamic Bank today launched the EasyLife Takaful Series, a range of bancatakaful plans designed to provide customers with Shariah-compliant options that caters to their families’ diverse needs.
Managed by CIMB Aviva Takaful Berhad, the EasyLife Takaful Series is the first complete set of Takaful plans offered via the CIMB Islamic’s bancatakaful channel. It comprises of four tailored investment-linked plans namely EasyLife Takaful Men, EasyLife Takaful Women, EasyLife Takaful Kids’, EasyLife Takaful Retirement and a cost-effective health plan, the EasyLife Takaful Health.
EasyLife Takaful Series caters specifically for families. A couple without any protection plan can opt for the men and women’s plans and then subsequently add on the kids’ plan once they have children. Depending on their needs and financial ability, they can also opt for the retirement plan to secure a comfortable retirement or to take up the health plan which offers health and hospital benefits covering main diseases affecting Malaysians nowadays.
“After spending the past three years growing our financing asset base by providing home financing, hire purchase and personal financing to consumers, we have decided to broaden our offerings by introducing a new line of bancatakaful products. We believe that the EasyLife Takaful Series will help our customers find the right Takaful policy to meet their unique and specific needs," said Badlisyah Abdul Ghani, executive director and chief executive officer of CIMB Islamic Bank Berhad.
Bank Negara Malaysia has indicated that Takaful is one of the fastest-growing segments of the insurance industry in the country, recording an average growth of 20% per annum. This is testimony to the long term potential of the industry and how increasingly popular Takaful product is among consumers.
“Developing the Takaful Industry is essential to the nation’s pursuit of building a strong pool of long-term Islamic funds critical to the development of a robust Islamic financial market. CIMB Islamic via its extensive nationwide network of branches and mobile sales force offers a wider platform for delivering Takaful products to consumers. The larger pool of long term Islamic funds created from the sale of the EasyLife Takaful Series will eventually lend support to our Islamic debt and equity capital market, which in turn will contribute towards a sustained private sector-led economic growth,” Badlisyah added.
The EasyLife Takaful Series via CIMB Islamic represents a significant milestone for CIMB Aviva Takaful Berhad growth’s strategy in the country. This series follows closely to the conventional range that was rolled out by CIMB Aviva Berhad via CIMB Bank last year.
At the launch, Muhammad Fikri Rawi, chief executive officer of CIMB Aviva Takaful Berhad, said: "We believe that demand for Takaful products will continue to rise over the coming years, particularly as customer awareness increases. The bancatakaful plans under the EasyLife Takaful Series are simple, transparent, affordable and easy to understand and more importantly, customers can now plan for their savings and protection needs in a wholesome Shariah-compliant manner.”
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If you have further queries or require more information, please contact:
Effendy Shahul Hamid
Head, Group Corporate Communications
CIMB Group
Telephone: 03 2087 3030
Fax: 03 2093 1008
E-mail: effendy.hamid@cimb.com
Notes to editors:
About CIMB Islamic
CIMB Islamic is CIMB Group’s global Islamic banking and finance franchise. Both CIMB Bank and CIMB Islamic offer their retail banking services to over 5.3 million customers on a dual banking platform in 318 branches nationwide.
CIMB Group is Malaysia’s second largest financial services provider and one of Southeast Asia’s leading universal banking groups. It offers consumer banking, investment banking, Islamic banking, asset management and insurance products and services. Headquartered in Kuala Lumpur, its key regional offices are located in Singapore, Indonesia and Thailand.
CIMB Group operates its business through three main brand entities, CIMB Bank, CIMB Investment Bank and CIMB Islamic. CIMB Group is also the majority shareholder of Bank CIMB Niaga in Indonesia, and the single largest shareholder of CIMB Thai in Thailand.
CIMB Group is listed on Bursa Malaysia via CIMB Group Holdings Berhad (formerly known as Bumiputra-Commerce Holdings Bhd). It has a market capitalisation of approximately RM46.3 billion as at 13 November 2009. The Group has over 36,000 employees located in 11 countries.
About CIMB Aviva
CIMB Aviva is a joint venture between CIMB Group and Aviva plc. CIMB Group is Malaysia’s second largest financial services provider and one of Southeast Asia’s leading universal banking groups, and Aviva is the world’s fifth largest insurance group* and the largest insurance services provider in UK.
CIMB Aviva offers a comprehensive range of life insurance and Takaful products and services available at CIMB Bank and CIMB Islamic which operate on a dual banking platform in 367 branches in Malaysia.
CIMB Aviva also rides on the global expertise of Aviva, which services 50 million customers across Europe, North America and Asia Pacific. Aviva recorded total sales of £51.4 billion (RM316.11 billion) and funds under management of £381 billion (RM2.34 trillion) at 31 December 2008.
*based on gross worldwide premiums at 31 December 2008
2008 average exchange rate 1£ = RM6.15