Leveraging BancaTakaful as a Key Growth Channel by Mr. Rohai
From HodHood
Contents
Top 20 FREQUENT WORDS
takaful 37 products 22 bancatakaful 17 banks 12 covers 11 risks 9 loss 8 damage 7 islamic 7 customers 6 financial 6 financing 6 personal 6 usd 6 accident 5 client 5 ideal 5 insurance 5 machinery 5 model 5 rates 5
DOCUMENT KEY POINTS
- billion making us the strongest general insurance company in pakistan a c a rated shariah compliant reinsurance companies a c registered and supervised by the securities exchange commission of pakistan secp a c an independent shariah supervisory board chaired by mufti muhammad taqi usmani certifies all takaful products and business operations for shari ah compliance a c state of the art business technology from malaysia and in sap erp solutions complemented by specialized human resources
- million a c sponsors are qatari islamic banks islamic insurance companies investment mgmt firms a c just our top three sponsor banks alone have a combined shareholder equity of over qr billion usd
- takaful is a growing opportunity a c muslim countries represent of emerging market gdp a of insurance premiums usd bn written in these countries a c takaful growth p
- b in if largest global markets are saudi arabia and malaysia a c insurance penetration in muslim countries is
- financial crisis is an opportunity to establish bancatakaful as a force a c the financial crisis has severely impacted financial institutions and the ensuing recession has severely affected growth forecasts in all sectors and regions a c takaful operators that successfully manage their business risks and think out of the box will be well placed to take advantage of emerging opportunities a c bancatakaful is one of these opportunities
- a c bancatakaful is defined as the distribution of takaful products by banks normally islamic banks
- advantages for the bank a cthe bank sees bancatakaful as a way of creating a new revenue flow and its extensive branch network is efficiently used
- the distribution costs are marginal since it is the bank s existing employees who sell the products
- a cthe takaful company often benefits from the wellestablished brand image and service reliability that people attribute to banks
- advantages for the customers a cthe client enjoys greater access to all financial services from the bank including protection a one stop shop or islamic financial supermarket a cthe client benefits from cheaper takaful products than through traditional channels
- a ccontribution payment methods are simplified since they are collected directly from bank accounts
- opportunities insurance penetration rate is extremely low in the region hence with simple and comprehensive takaful products a value proposition can be created and higher level of penetration can be achieved
- by the value added proposition achieved through bancatakaful more low to medium income groups can also be brought under the umbrella of protection
- a cthe traditional mass market bancatakaful a cprivate bancatakaful aimed at high net worth individuals a ccorporate bancatakaful and smes products should flow through the banks network easily
- responding to the customers needs rather than offering off the shelf products
- a c we offer specialized discounted rates for our customized bancatakaful products a c depending on the particular model we are following we offer attractive commission rates for takaful products cross sold through the banks
- pqgtcl proposition a c we facilitate our islamic banking partners to provide seamless banking and takaful services to their clients through our complete range of products
- a c the banks merge our specific takaful product into their own product to produce a bancatakaful product
- a c simplified products such as personal accident home shelter takaful etc may be included under this model
- indirect bancatakaful model a c we enter into a cooperation agreement with our islamic banking partners a c while selling their banking products the bank offers to arrange takaful coverage to their customers from us
- a c the bank then refers the client to us or obtains and forwards their details to us
- car ijarah a c private car commercial comprehensive takaful provides comprehensive coverage to the vehicle against risk such as fire hail theft snatching whilst in transit rd party death or bodily injury rd party property damage emergency medical expenses and any accidental damage to the vehicle
- home musharakah a c fire allied perils takaful covers property against the risk of fire and other perils such as lightning explosion riot strike earthquake atmospheric disturbances burglary etc
- hajj umrah financing scheme a c hajj umrah travel takaful covers risks of accidental death total disablement temporary and total partial disablement hospitalization expenses due to accident or illness emergency medical evacuation expenses expenses for repatriation of mortal remains loss of baggage and loss of passport while travelling for the purpose of performing hajj and umrah
- a personal financing takaful products cont d
- shop owners takaful covers building contents stock and cash against the risks of fire explosion riot and strike earthquake rain water damage flooding vehicle impact damage loss of rent burglary and armed hold up etc
- products ideal for deposit accounts
- marine advance consequential loss takaful covers the consequential loss resulting from loss or damage to the machinery equipment or material during transit
- erection all risks takaful covers erection works against risks such as fire earthquake malicious damage storm flooding lack of skill rd party liability
- machinery breakdown takaful covers machinery against the losses resulting from risks such as defects in casting and material faulty design short circuit lack of skill etc
- products ideal for fixed assets financing
- the right customers as identified by customer segmentation need to be provided with products which are attractive to both the customer and the bancatakaful provider through convenient distribution channels
- reinforced by accurate and usable data the organization will use its processes and rewards to create a culture and behavior which result in a customer focused and profitable institution
Please note, This is an auto generated summary based on sentances position in the document and other factors
DOCUMENT WORD ANALYSIS
Main Category
- AlHuda Material\takaful
KeyWords
taka islam insur malaysia productdeferred shariah countries muslim financial retakaful model growth custom partner developed service mutual bankable provided scheme
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DOCUMENT REFERENCES
Number of Pages
20
Published Date
2016-09-17 01:18:15
