Succesful Islamic Insurance 21st Century

June 16, 2008 Takaful Successful Islamic insurance operations in the 21 st century Ahmad Feizal Sulaiman Khan Head, Business Development, Etiqa - ICBU [email_address]

Takaful % share of insurance market 0.7

Insurance: Annual GWP ($trn) 1.6

Agenda ,[object Object],[object Object],[object Object],[object Object],[object Object]

Success!? of Takaful ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Source: Takaful Industry, Global Profile & Islamic Finance Review

Takaful Operators Worldwide Success!? of Takaful

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Growing pains Success!? of Takaful

Few re-Takaful operators currently in operation ,[object Object],[object Object],[object Object],[object Object],Strong security rating High capitalization Proven track record of technical expertise ,[object Object],[object Object],[object Object],Growing pains RE-TAKAFUL Operators Success!? of Takaful

Art of wealth Entrepreneurial ambition Capital growth Income/Capital preservation Capital protection One Stop Centre - Holistic Service Offering Art of wealth Realising one’s interests in society, culture, leisure or the arts. Entrepreneurial ambition Development/expansion of entrepreneurial activities & talents . Growth Structures allowing a LT increase in wealth. Income, capital preservation Preserving standards of living & continued cash flows. Capital protection Building, protecting & transferring wealth Success!? of Takaful

The Global Takaful Market Success!? of Takaful ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Muslim Minorities Non- Muslims ,[object Object],[object Object],[object Object],Muslims in Predominantly Muslim Countries

Europe Potential?? - European Muslims ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Success!? of Takaful

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],MIFC

Onshore Offshore Int’l JV Int’l Currency Business Unit (ICBU) - Banca - 3 rd party banca ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Distributor Focus under MIFC International Takaful Operator (ITO) MIFC

International Currency Business Unit ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],MIFC

The Malaysian Takaful Journey Special Task Force 1982 Takaful Act 1984 1984 Syarikat Takaful 1983 Bank Islam 1993 Takaful Nasional 2001 Mayban Takaful 2003 Takaful Ikhlas Commerce Takaful 2005 2006 4 New licences MIFC

[object Object],[object Object],MIFC

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Ambitions/opportunities!? Food for thought

How will Takaful Opportunities be realised? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Food for thought Food for thought

How will Takaful Opportunities be realised? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Food for thought Food for thought

Est.1.7bln Muslims globally + Muslims seeking out halal products + Dedicated Global Takaful players + Utilising world class insurance skills = Successful Global Takaful With technology - Launch products in a month’s time... Conclusion = Success Formula

Old and new structure Mayban Fortis Sdn Bhd Mayban Fortis Sdn Bhd MLA MGA TN MNI MTB eTiQa Takaful eTiQa Insurance Old New Former MTB and TN Former MLA, MGA and MNI Fortis Insurance Maybank Fortis Insurance Maybank 70% 30% 30% 70% eTiQa

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Succesful Islamic Insurance 21st Century

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