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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