Saturday, December 11, 2010

Great Eastern Launches Islamic Insurance Unit

Great Eastern Holdings Limited, together with Malaysian partner

Koperasi Angkatan Tentera (M) Berhad (KAT), on Friday launched

Great Eastern Takaful Sdn Bhd (GETSB).

GETSB will adopt a “Takaful for All” approach and provide comprehensive

Takaful products and services for all Malaysians, both

Muslims and non-Muslims alike.

Commented Mrs Fang Ai Lian, Chairman of Great Eastern Holdings,

“Malaysia is a key and significant market for the Great Eastern

Group. This makes it the perfect platform for us to launch our Takaful

business. The market penetration rate for the Takaful business in

Malaysia remains relatively low. 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.”

GETSB aims to achieve RM180 million (about S$75 million) in Total

Weighted Contributions in the first year of operations.

Takaful is a type of Islamic insurance, where members contribute

money into a pooling system in order to guarantee each other

against loss or damage. Takaful-branded insurance is based on

Sharia, the Islamic religious law.

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