Could you provide a brief journey of how you arrived where you are today?
I started my career in the insurance industry in 1988. After spending eight years in general insurance, I joined a life insurance company in 1996. After 18 years in conventional insurance, I was given the opportunity to set up Prudential BSN Takaful in 2006. In 2009, I joined Great Eastern Group to assist the group in securing its Takaful license. In September 2010, Great Eastern was awarded a Takaful license by the central bank, Bank Negara Malaysia. Great Eastern Takaful was launched on the 10th December 2010.
What does your role involve?
I am involved in the overall management and running of the company.
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Turning around an ailing and unprofitable division into a profitable one with the same group of people.
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Setting up and launching Great Eastern Takaful within 100 days from the date of getting its license.
Which of your products/services deliver the best results?
Our investment-linked product, i-GrEaT Damai, is our core product and our best selling product.
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Agency force. We currently have more than 3,000 Takaful agents and they have contributed to more than 80% of our new business.
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Collaboration with OCBC Al-Amin. The product bundling proposition with the bank has produced significant results for our business.
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Our staff are multi-talented.
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Our shareholders. They are very focused and supportive.
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Our brand name. The Great Eastern brand is well known in Malaysia and it makes it easier for us and our distribution partners to attract new customers.
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Our staff. They embrace the principles of ‘limited resources’ and ‘changing environment’ and work within the limitations and challenges to deliver results.
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The perception that Takaful is only for Muslims.
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The perception that Takaful is replacing or taking away the conventional business. We share the same agency force with our sister company, Great Eastern Life (Malaysia), and this is one of the biggest challenges that we need to overcome.
Where do you see the Islamic finance industry in the next five years?
I believe that the Islamic finance industry will continue to grow rapidly in the next decade. But to do so, the industry must continue to evolve from just replicating the conventional frameworks/guidelines and products to creating truly ‘standalone’ and different value propositions where the customers and the public as a whole can really see the beauty of Islamic finance.
Name one thing you would like to see change in the world of Islamic finance.
The mentality that Islamic products are inferior/not so competitive compared with conventional products.