KUALA LUMPUR: Sun Life Malaysia Takaful Bhd (Sun Life Malaysia) expects Takaful Mulia, its new product collaboration with CIMB Islamic Bank Bhd (CIMB Islamic), to gain RM10 million in gross written premium (GWP) by year end.
Takaful Mulia is potentially Malaysia's first takaful product that will make a regular waqf contribution payable to an appointed waqf body even after the policy holder’s demise.
“We are quite confident of achieving RM10 million in GWP contribution this year as we have already gain some RM3 million since the soft launch of this product late last year,” chief executive officer (CEO) Muhammad Fikri Mohamad Rawi at the official launch earlier today.
Fikri then noted that its last collaborative product with CIMB Islamic gained some RM24 million GWP within a year.
“Going by that track record and leveraging on CIMB's network and customers nationwide, we believe that this target is achievable.”
When asked, Fikri said Sun Life Malaysia have already been asked to give inputs for the upcoming revised takaful operational framework currently being developed by Bank Negara Malaysia.
“The concept paper, there's not much difference in the current existing one, so far but we expect the proper announcement will come at by the end of the year,” he said.
“But we believe that it is still being worked on especially in strengthening certain areas and going beyond the wakalah model.”
Bank Negara Governor Tan Sri Muhammad Ibrahim had in March said the revised framework will bring greater clarity on the use of multiple Shariah standards in the models and structures of takaful.
The revised framework is also expected to focus on the governance of takaful operators, including how takaful funds are managed as to further safeguard the interest of takaful participants.