Takaful Malaysia

Syarikat Takaful Malaysia Berhad (Malay for Malaysia Takaful Company Limited; commonly referred to as Syarikat Takaful or Takaful Malaysia) is a Malaysian takaful company, the first of its kind in the country.[2] It was the second largest takaful operator in Malaysia in 2013 for both family and general takaful, behind Etiqa.[3]

Syarikat Takaful Malaysia Berhad
TypePublic
MYX: 6139
ISINMYL6139OO009
Industry
Founded29 November 1984 (1984-11-29)
Headquarters
Menara Takaful Malaysia
4 Jalan Sultan Sulaiman, Kuala Lumpur
,
Malaysia
Key people
  • Ahmad Fuzi Abdul Razak (Chairman)
  • Mohamed Hassan Kamil (Group CEO)
Products
  • Family takaful
  • General takaful
Revenue RM1,653 million (2014)[1]
RM0,139 million (2014)[1]
Total assets RM7,165 million (2014)[1]
Total equity RM0,583 million (2014)[1]
ParentBIMB Holdings Berhad (60.31%)[1]
Websitewww.takaful-malaysia.com.my

The company was formed in 1984 at the recommendation of Task Force on the Study for the Establishment of an Islamic Insurance Company in Malaysia commissioned by the government.[4] It was listed on the Kuala Lumpur Stock Exchange in 1996.[4] Syarikat Takaful is present in Indonesia through its subsidiary PT Syarikat Takaful Indonesia, with Bank Muamalat Indonesia as a fellow investor.[5]

Syarikat Takaful operates under the wakala model, under which it (the shareholders' fund) manages the funds generated by takaful contributions and receives a service fee from the funds.[6] By contributing tabarru'[A] to the fund, both the fund participators and Syarikat Takaful may be entitled to any share of fund surpluses.[6] Syarikat Takaful is known by industry observers for its competitive 15 percent no-claim cash back policy for general takaful customers, the highest in the industry in the five years to 2015.[2] This resulted in cash back payouts to customers amounting to RM30 million in 2014.[2]

The major shareholder is BIMB Holdings Berhad (BHB) with a 59.19% shareholding in Takaful Malaysia.[7] Under the BHB Group, BHB also wholly owns Malaysia’s first Islamic bank, Bank Islam Malaysia Berhad (Bank Islam). BHB’s parent company is Malaysia’s Pilgrim Fund, Lembaga Tabung Haji with its current shareholding of 53.82%. BHB Group has been an active player in developing the Islamic finance sector in Malaysia.Its shares are listed on the Main Market of Bursa Malaysia Securities Berhad.[3]

The company is expected to make an acquisition by 2017 both to expand and to comply with the Islamic Financial Services Act (IFSA) 2013 requirement for takaful operators to separate their family and general takaful licenses by 2018.[5][8]

In 2018, Takaful Malaysia won the Best Motor Insurance Award presented by independent webpage www.ibanding.com.[9]

Notes
^[A] Tabarru' (cost of insurance / contribution) is a donation for the purpose of which is not commercial and is used to help other proposed participants in times of misfortune.[6]

References
  1. Annual Report 2014 (pdf), Syarikat Takaful Malaysia Berhad, 2014-12-31, retrieved 2015-08-23
  2. Dhesi, Daljit (2015-05-23). "Syarikat Takaful aims to keep high dividend payout". The Star. Retrieved 2015-08-23.
  3. Cheah, C. S. (2015-07-23). "Gaining Exposure To The Fast Growing Takaful Industry The Syarikat Takaful Way". Bloomberg TV Malaysia. Retrieved 2015-08-23.
  4. "Company Background". Syarikat Takaful Malaysia Berhad. Retrieved 2015-08-23.
  5. Ee, Ann Nee (2015-05-13). "Takaful Malaysia on the lookout for M&A". The Sun. Retrieved 2015-08-23.
  6. "Business Model". Syarikat Takaful Malaysia Berhad. Retrieved 2015-08-23.
  7. Ng, Eileen (2015-05-14). "Takaful confirms buying RM85 million 1MDB sukuk bond". The Malaysian Insider. Retrieved 2015-08-23.
  8. Dhesi, Daljit (2015-05-12). "Takaful Malaysia on acquisition trail". The Star. Retrieved 2015-08-23.
  9. "Etiqa Group, Takaful Malaysia win 2018 Best Motor Insurance Award". Borneo Post Online. 2018-04-24. Retrieved 2019-07-10.
  • Business data for Syarikat Takaful Malaysia Berhad:
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