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| Line 1: |
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| − | Second International
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| − | Symposium on Takaful 2006
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| − | Takaful Products
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| − | Family Takaful Linked Investment Plans
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| − | 21- 22 February 2006 The Andaman, Langkawi, Malaysia
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| − | Sohail Jaffer
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| − | Partner, FWU Group
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| − | FWU group won the 2005 Euromoney Islamic Finance Award
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| − | for being the "Best Islamic white label service provider“.
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| | | | |
| − | Contents
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| − | Family Takaful Product and Highlights, Main Partners
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| − | (pages 2-8)
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| − | Open Investment Architecture (pages 11-13)
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| − | POS and Administration System (pages 15-19)
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| − | Value added for the Bank Distribution Partner (pages
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| − | 21-23)
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| − | Appendix
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| − | (1) Global Takaful Industry Overview
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| − | (2) FWU Group Profile
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| − | 2
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| − |
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| − | Transaction Overview
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| − | FWU Group‘s "White Label" Islamic Savings, Education & Retirement Plans
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| − | Group
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| − | Main players: Bank Distribution Partner
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| − | Bank Distribution Partner: Distribution Branch
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| − | of “own brand” Savings Plan, selection Product design and
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| − | of top quartile Islamic mutual funds and
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| − | Customers process management
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| − | custody of all customer assets Dynamic Funds Select
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| − | and Allocation
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| − | - Local LifeTakaful Product supplier and Management Model
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| − | administrator Bank Financial Planners Systems Provider
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| − | Partnership Manager
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| − | FWU – Product design and process
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| − | management, Dynamic Funds Select
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| − | Bank Distribution Partner Strategic Alliance
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| − | and Allocation Mgt Model,Systems
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| − | provider and Premium Assurance
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| − | Networks Manager
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| − | Local licensed Life
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| − | Custodian Bank Takaful Company
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| − | for all customer funds “Wakeel”/Trustee and
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| − | local Takaful
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| − | Product Supplier and
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| − | Administrator
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| − | “Open Investment Architecture” Life Takaful Company to
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| − | establish a corporate bank
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| − | FWU’s Dynamic Funds Select and
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| − | account with Bank Retakaful Agreement
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| − | Allocation Management Model
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| − | Distribution Partner Hannover Re
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| − | “AAA Rated”
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| − | FWU’s Exclusive
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| − | ReTakaful Partner 3 3
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| − |
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| − | FWU Group‘s international Bank distribution and
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| − | strategic product partners
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| − | FWU Group‘s "White Label" Islamic Savings, Education & Retirement Plans
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| − | Bank Distribution Partners
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| − | FWU's existing distribution partners
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| − | Al Safat Takaful include: NCB in KSA and ADCB in
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| − | Company UAE
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| − | Kuwait
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| − | Bank Customers
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| − | EFU Life Insurance Aman Insurance
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| − | UAE
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| − | Pakistan
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| − | Takaful Ikhlas Al Ahli Takaful
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| − | Company
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| − | Malaysia Bank is Custodian of all customer
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| − | KSA
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| − | funds in the Savings Plan
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| − | Processing customer
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| − | applications Product design,
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| − | Product administration, Product launch support
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| − | valuation and Product management,
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| − | Local Licensed Marketing & Training
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| − | claims management, Life Takaful support
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| − | Customer reporting Company Dynamic Funds Select
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| − | Financial accounting and Allocation Mgt Model
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| − | Systems support to
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| − | Communication with local Strategic Product Partner
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| − | regulatory authorities FWU Group and Bank Distribution
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| − | Dubai/Munich Partner
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| − | Product and Shari’ah
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| − | Compliance
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| − | 4
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| − |
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| − | Main product features and customer benefits
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| − | FWU Group‘s "White Label" Islamic Savings, Education and Retirement Plans –
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| − | Product Highlights
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| − | Product features Customer Benefits
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| − | Plan benefits are available to all bank
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| − | All bank customers are insurable
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| − | customers
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| − | No medical examination of bank
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| − | Eliminates important psychological
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| − | customer required (up to a defined
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| − | barrier
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| − | limit)
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| − | Transparent and cost efficient
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| − | Greater customer comfort
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| − | structure
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| − | Accelerated sales process using
| |
| − | Immediate risk cover for bank
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| − | FWU’s Point of Sale and
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| − | customer
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| − | Administration technology
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| − | Plan benefits are available
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| − | Bank customer convenience
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| − | immediately to all bank customers
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| − | 5
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| − |
| |
| − | Flexible features of the “white label”
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| − | Takaful investment linked plan
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| − | Payments:
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| − | – 3 currencies available (local currency, EUR, USD)
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| − | – Regular or lump sum contributions
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| − | – Decrease or increase of regular contributions any time
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| − | – Payment deferral up to 12 month (Takaful benefits stay)
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| − | – Partial investment or disinvestment at any time given a mimimum
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| − | account size (2500 EUR) without affecting Takaful benefits
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| − | Calendar:
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| − | – Choice of Hijri or Gregorian calendar
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| − | Beneficiaries:
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| − | – Appointment of personal and institutional beneficiaries in
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| − | accordance with Shari'ah law
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| − | 6
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| − |
| |
| − | Main product innovation
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| − | Sophisticated Internet based Point of sales and Administration system
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| − | Dynamic Funds Select and Allocation Management Model used for
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| − | customised investment strategies/portfolios
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| − | Unique Retakaful arrangements with “AAA” rated top 3 global re-
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| − | insurance company based on Shari’ah principles
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| − | FWU group’s Shari'ah Board including prominent and leading Islamic
| |
| − | scholars:
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| − | – Dr. Mohamed Ali Elgari, Chairman
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| − | – Dr. Abdulsattar Abu Guddah
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| − | – Dr. Nazih Kamal Hammad
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| − | 7
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| − |
| |
| − | Bank Annuity Income: Attractive Dynamics
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| − | Bank Income Growth – 5 year period
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| − | 7,000
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| − | 6,000
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| − | USD ('000)
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| − | 5,000
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| − | 4,000
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| − | Conservative
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| − | 3,000 Average
| |
| − | 2,000 Best
| |
| − | 1,000
| |
| − | -
| |
| − | Year 1 Year 2 Year 3 Year 4 Year 5
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| − | Conservative Average Best
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| − | Base Assumptions:
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| − | Number of Plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000 40,000 50,000
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| − | Average duration 15 years
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| − | Average monthly contribution $ 200
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| − | Lapsation rate 2 to 10 % p.a
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| − | Fund growth rate 7 % p.a
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| − | 8
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| − |
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| − | Cumulative Bank Income over a 5 year period
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| − | 20
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| − | US $ in Millions
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| − | 15
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| − | 10
| |
| − | 5
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| − | 0
| |
| − | Conservative Average Best 9
| |
| − |
| |
| − | Contents
| |
| − | Family Takaful Product and Highlights, Main Partners
| |
| − | (pages 2-8)
| |
| − | Open Investment Architecture (pages 11-13)
| |
| − | POS and Administration System (pages 15-19)
| |
| − | Value added for the Bank Distribution Partner (pages
| |
| − | 21-23)
| |
| − | Appendix
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| − | (1) Global Takaful Industry Overview
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| − | (2) FWU Group Profile
| |
| − | 10
| |
| − |
| |
| − | Open Investment Architecture for Regular Savings Plans:
| |
| − | Three investment portfolios with differentiated risk profiles
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| − | FWU‘s Dynamic Fund Select and
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| − | Asset Allocation Model
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| − | Investment in External Islamic Mutual Funds
| |
| − | Portfolio 1 Portfolio 2 Portfolio 3
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| − | Conservative Balanced Growth
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| − | Portfolio Portfolio Portfolio
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| − | Launched as internal funds of
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| − | FWU‘s local Takaful product partner
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| − | 11
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| − |
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| − | Investment objective of FWU Group’s
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| − | Dynamic Funds Select and Allocation Approach
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| − | Superior risk-adjusted returns
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| − | – Tactical fund allocation
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| − | – Fund allocation designed to pick winners, eliminate losers and
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| − | maintain neutral fund weightings
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| − | Dynamic fund allocation model
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| − | – Regular asset allocation (stocks vs. Sukuk and Murabaha) and
| |
| − | fund picking by using a Dynamic Funds Select and Allocation
| |
| − | Management Model
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| − | Risk control on multiple levels
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| − | – Asset allocation
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| − | – Diversification
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| − | – Portfolio construction
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| − | Shari’ah compliance
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| − | – Portfolio investment policies comply with Shari’ah rules
| |
| − | 12
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| − |
| |
| − | Portfolio Back Testing Results
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| − | Jan 2002 to June 2005
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| − | Annualized Returns (Gross)
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| − | Particulars Conservative Balanced Growth MSCI World
| |
| − | Portfolio Portfolio Portfolio (USD) Index
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| − | Returns 5.66% 9.85% 14.33% 3.93%
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| − | Volatility 2.62% 5.49% 9.23% 14.18%
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| − | Sharpe
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| − | 1.02 1.25 1.23 0.07
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| − | Ratio
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| − | All data in US $ and gross of fees. Past performance is no guarantee for future results.
| |
| − | The value of an investment may rise as well as fall.
| |
| − | 13
| |
| − |
| |
| − | Contents
| |
| − | Family Takaful Product and Highlights, Main Partners
| |
| − | (pages 2-8)
| |
| − | Open Investment Architecture (pages 11-13)
| |
| − | POS and Administration System (pages 15-19)
| |
| − | Value added for the Bank Distribution Partner (pages
| |
| − | 21-23)
| |
| − | Appendix
| |
| − | (1) Global Takaful Industry Overview
| |
| − | (2) FWU Group Profile
| |
| − | 14
| |
| − |
| |
| − | FWU’s Internet based Point of Sale &
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| − | Administration System
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| − | Tailored online system for use by Bank Distribution Partner
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| − | – Processing applications for Takaful & Savings Programme
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| − | – Professional sales management and monitoring
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| − | – Storing and retrieving customer's Plan information
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| − | Customised for the needs of bank distribution partners
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| − | – Logo of Bank Distribution Partner
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| − | – Tailored Investment strategies selected by the Bank
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| − | – Attractive customer benefits, convenience and transparency
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| − | 15
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| − |
| |
| − | Convenient, fast & easy
| |
| − | Convenient to use on each PC with Internet access at any of the
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| − | bank's branches
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| − | (Sales process conducted and data input by Bank‘s Financial Planner not by the
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| − | customer)
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| − | Immediate, fast and easy application during one customer visit
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| − | – No need for further documents (except customers ID card)
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| − | – No need for medical examinations
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| − | – No need to wait for the results of any manual verification by back
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| − | office employees
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| − | Including:
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| − | the transfer of the first premium
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| − | and printing the certificate 16
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| − |
| |
| − | Main competitive advantage
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| − | Internet based application
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| − | – No installation of new software required, ready-to-start solution
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| − | – Available on any PC in the world with Internet access
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| − | – Accessible 7 days a week, 24 hours a day
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| − | Immediate online individual risk assessment (for Takaful benefits)
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| − | Learner's mode available
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| − | Feedback messages during application process
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| − | FWU-Internet-Training academy available
| |
| − | FWU Group provides local service and systems support
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| − | – A GCC regional presence in the Dubai Internet City (DIC).
| |
| − | 17
| |
| − |
| |
| − | Process Innovation
| |
| − | Simplify and improve quality of sales process
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| − | Online risk assessment for Takaful benefits
| |
| − | Monitor any number of bank branches and financial planners
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| − | with one tool from any web linked PC
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| − | Economic and efficient solution
| |
| − | Convenient access to customer data
| |
| − | Faster and easier completion of a Customer Plan
| |
| − | Earlier start of a Customer Plan
| |
| − | Earlier payment and therefore earlier additional income
| |
| − | streams for bank distribution and product partners
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| − | involved
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| − | 18
| |
| − |
| |
| − | Functions of the Main Partners
| |
| − | FWU Group‘s "White Label" Islamic Savings, Education & Retirement Plans - Overview
| |
| − | FWU Group (Systems provider and Strategic
| |
| − | Bank Distribution Partner Product Partner) Local Life Takaful Operator
| |
| − | Distribution • Product development and management Financial accounting
| |
| − | Risk profiling of Product design & development Communication with local
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| − | customer Product management regulatory authorities
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| − | Organise marketing Product profitability simulation Shari‘ah Advisory Board
| |
| − | literature Product training
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| − | Market the product Internet based Point of Sale & Process applications/
| |
| − | Collect customer underwriting system issue Takaful plan certificate
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| − | application forms Product administration
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| − | Collection of lump sum • Asset management
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| − | and regular contributions Splitting of contributions
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| − | Customer relationship Dynamic Funds Allocation Calculation of
| |
| − | management Management Model fees/charges
| |
| − | Funds Selection of 3rd Risk control Net asset valuation
| |
| − | party external Islamic Reporting on investment portfolios
| |
| − | mutual funds from major Claims management
| |
| − | investment brands by Operational & systems
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| − | Bank Distribution Partner • Compliance and monitoring
| |
| − | support
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| − | Shari’ah Advisory Board
| |
| − | Note: Distribution Partner Customer reporting
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| − | is the custodian bank for Product compliance
| |
| − | Customer communications
| |
| − | the Family Takaful linked Sales monitoring & controlling
| |
| − | investment plans business
| |
| − | Ongoing implementation and post
| |
| − | FWU is the outsourcing partner
| |
| − | launch support by local FWU team 19
| |
| − |
| |
| − | Contents
| |
| − | Family Takaful Product and Highlights, Main Partners
| |
| − | (pages 2-8)
| |
| − | Open Investment Architecture (pages 11-13)
| |
| − | POS and Administration System (pages 15-19)
| |
| − | Value added for the Bank Distribution Partner (pages
| |
| − | 21-23)
| |
| − | Appendix
| |
| − | (1) Global Takaful Industry Overview
| |
| − | (2) FWU Group Profile
| |
| − | 20
| |
| − |
| |
| − | The value added for the distribution
| |
| − | partner and its customers
| |
| − | Value added for Bank Distribution partner
| |
| − | Enhance retail product offering with own brand Islamic
| |
| − | Savings, Education and Retirement Plans
| |
| − | Low cost entry into a new consumer market segment
| |
| − | Increase fee based annuity revenues
| |
| − | Expand and retain customer relationships over a
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| − | significantly longer period
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| − | Rapid sales process through an online internet based
| |
| − | Point of Sale and Administration system
| |
| − | Maximise synergy between customer and different
| |
| − | bank product groups
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| − | 21
| |
| − |
| |
| − | The value added for the distribution
| |
| − | partner and its customers
| |
| − | Consumer Value Proposition
| |
| − | Availability of Long-term Savings Plan with
| |
| − | protection benefits
| |
| − | Customer friendly product with transparent
| |
| − | terms and conditions and charging structure
| |
| − | Benefit of a Dynamic Funds Select and
| |
| − | Allocation Mgt Model targeted at investing in
| |
| − | quality external Shari’ah compliant funds
| |
| − | 22
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| − |
| |
| − | The value added – why FWU Group
| |
| − | ENTREPRENEURIAL INNOVATIVE
| |
| − | EXPERIENCED PARTNER PRODUCT
| |
| − | Flexibility in customised product State of the art Internet based
| |
| − | design & administration sales and administration system
| |
| − | Attractive investment options
| |
| − | Takaful product training and sales
| |
| − | including an innovative dynamic
| |
| − | support (incl. FWU Online
| |
| − | funds select and allocation
| |
| − | Academy)
| |
| − | management model
| |
| − | Robust business simulation and
| |
| − | Cost efficient Wakala structure
| |
| − | profitability analysis model
| |
| − | Unique Shari'ah compliant
| |
| − | Regional presence in Dubai
| |
| − | Retakaful arrangement
| |
| − | 23
| |
| − |
| |
| − | Contents
| |
| − | Family Takaful Product and Highlights, Main Partners
| |
| − | (pages 2-8)
| |
| − | Open Investment Architecture (pages 11-13)
| |
| − | POS and Administration System (pages 15-19)
| |
| − | Value added for the Bank Distribution Partner (pages
| |
| − | 21-23)
| |
| − | Appendicies
| |
| − | I) FWU Group Profile
| |
| − | II) Global Takaful Industry Overview
| |
| − | 24
| |
| − |
| |
| − | Appendicies
| |
| − | I) FWU Group Profile (page 26 to 31)
| |
| − | II) Global Takaful Industry Overview (page 32 to 37)
| |
| − | 25
| |
| − |
| |
| − | Appendix I: FWU-Group Structure
| |
| − | FWU-GROUP
| |
| − | an entrepreneurial and institutional partnership
| |
| − | Dr. Manfred J. Dirrheimer and
| |
| − | Partners
| |
| − | 95% GE Insurance Solutions,
| |
| − | 5%
| |
| − | Munich
| |
| − | FWU AG
| |
| − | Munich, Luxembourg, Dubai
| |
| − | 74,9% 80% 100% 100% 100% 100% 13,125%
| |
| − | ATLANTICLUX Lebens- PREMIUM SELECT PREMIUM Invest FWU Provisions- FWU Payment FWU Unterstützungs- Al Ahli Takaful
| |
| − | versicherung S.A. LUX S.A. LUX S.A. Factoring GmbH Services GmbH kasse GmbH Company, i.F.
| |
| − | Luxembourg Luxembourg Luxembourg Munich Munich Munich Jeddah, KSA
| |
| − | 25,1% 20% 13,125% 30% 7,5%
| |
| − | VHV IFC International National Commercial VHV
| |
| − | Institutional Versicherungen, Finance Cooperation Bank, Versicherungen,
| |
| − | Partners Hanover Washington Jeddah, KSA Hanover
| |
| − | 26
| |
| − |
| |
| − | Appendix I: FWU-GROUP
| |
| − | Assurance - Asset Management - Factoring
| |
| − | Germany
| |
| − | Luxembourg
| |
| − | Austria The group is poised to
| |
| − | Italy meet the life assurance,
| |
| − | France investment and pension
| |
| − | Saudi-Arabia needs of institutional and
| |
| − | private clients in Europe,
| |
| − | United Arab Emirates
| |
| − | Middle East and Asia with
| |
| − | Kuwait
| |
| − | Pakistan traditional bancassurance
| |
| − | and Shari‘ah Life Takaful
| |
| − | South Africa products.
| |
| − | 27
| |
| − |
| |
| − | Appendix I: FWU-Group Takaful Universe
| |
| − | Hannover Re
| |
| − | („AAA rated“,
| |
| − | 3rd largest
| |
| − | life Reinsurance)
| |
| − | FWU – GROUP
| |
| − | Retakaful
| |
| − | Administrator Pooling Wakeel
| |
| − | -Data processing Arrangement - Fee Basis
| |
| − | and administration - 100% profit redistribution
| |
| − | (Retakaful, Takaful) - Quard Hasna
| |
| − | - Asset Management - Shari‘ah compliant Investments
| |
| − | Establishment of insurance provider through joint venture or cooperation agreement
| |
| − | Dubai Islamic Eastern
| |
| − | Insurance Al Ahli Takaful
| |
| − | Company Insurance & Al Safat Takaful Federal
| |
| − | Takaful
| |
| − | Ikhlas
| |
| − | Partners NCB/FWU / IFC Reinsurance Company Union Life
| |
| − | SDN BHD
| |
| − | AMAN EFU
| |
| − | Acquisition of banks as distribution partner in the following regions
| |
| − | KSA UAE Kuwait Pakistan Malaysia
| |
| − | Distribution- The National Abu Dhabi
| |
| − | Commercial Bank Commercial Major Bank Major Bank Major Bank
| |
| − | Partners Jeddah Bank
| |
| − | 28
| |
| − |
| |
| − | Appendix I: FWU Group – Profile
| |
| − | The FWU Group is an entrepreneurial financial services group with
| |
| − | headquarters in Munich, Germany.
| |
| − | Further offices are located in Luxembourg and Dubai Internet City (DIC).
| |
| − | Group shareholders include GE Frankona Re AG, an international re-
| |
| − | insurer, and European banks and insurance companies.
| |
| − | Core activities are Life Insurance, Savings & Pension Plans, Takaful
| |
| − | Products and Asset Management.
| |
| − | Group subsidiaries include:
| |
| − | – an Asset Management Company (PREMIUM SELECT LUX S.A.)
| |
| − | – a Life Insurance Company (ATLANTICLUX S.A.)
| |
| − | Both are based and regulated in Luxembourg.
| |
| − | 29
| |
| − |
| |
| − | Appendix I: FWU Group – Activities
| |
| − | FWU offers customised design and white label distribution of:
| |
| − | – Unit-linked investments,
| |
| − | – Shari'ah compliant Life Takaful family of products with unique Retakaful
| |
| − | arrangement,
| |
| − | – Multi Manager investments and innovative fund allocation model,
| |
| − | – Savings & pension plans.
| |
| − | Main distribution channels are
| |
| − | – Financial institutions (such as banks, insurance companies and corporate
| |
| − | plan sponsors)
| |
| − | – Independent financial advisers, portfolio managers and broker networks
| |
| − | Priority markets are:
| |
| − | – Europe (Germany, France and Italy)
| |
| − | – Middle East (UAE, Saudi Arabia,Kuwait and Pakistan)
| |
| − | – Asia (Malaysia, Indonesia and China)
| |
| − | 30
| |
| − |
| |
| − | Appendix I FWU‘s Business Approach
| |
| − | Product Distribution Individual
| |
| − | Partners Partners Customers
| |
| − | • Customised product
| |
| − | development
| |
| − | Life Insurance • Online insurance sales
| |
| − | and administration Banks
| |
| − | Companies
| |
| − | • Dynamic Fund
| |
| − | allocation model
| |
| − | Investment- Financial
| |
| − | managers Intermedaries
| |
| − | Reinsurance Broker
| |
| − | Companies Networks
| |
| − | Administration of
| |
| − | unit-linked Alternative
| |
| − | Custodian investments distribution
| |
| − | Banks Payment- transactions channels
| |
| − | Sales Commision
| |
| − | Factoring
| |
| − |
| |
| − | Appendix II: Global Takaful Industry Overview
| |
| − | 2006 Total Takaful Premiums
| |
| − | $1,7 billion = 60 Takaful companies in 30 countries worldwide
| |
| − | Asia / Pacific Europe / USA
| |
| − | 9% 1%
| |
| − | Malaysia
| |
| − | 27%
| |
| − | GCC
| |
| − | 63%
| |
| − | Total estimated Takaful premiums of US$ 1.7 billion (growing at 15 to 20% p.a)
| |
| − | Source: Salama Arabic Islamic Insurance Company
| |
| − | 32
| |
| − |
| |
| − | Appendix II: Global Takaful Industry Overview
| |
| − | 2015 Forecast
| |
| − | 48%
| |
| − | 52%
| |
| − | Total Takaful premiums of US$ 7.4 billion
| |
| − | Source: Salama Arabic Islamic Insurance Company
| |
| − | 33
| |
| − |
| |
| − | Appendix II: Global Takaful Industry Overview
| |
| − | 2015 Forecast
| |
| − | Total Takaful Premiums US $7,4 billion
| |
| − | 31 %
| |
| − | 27 %
| |
| − | *** Europe
| |
| − | $2.3bn *GCC $2bn
| |
| − | **Asia Pacific $3.1 bn
| |
| − | 42 %
| |
| − | *GCC $2bn (KSA $900 million, UAE $480 million and Egypt 467 million)
| |
| − | **Asia/ Pacific $3,1 bio (Malaysia/Indonesia $1.4 bio)
| |
| − | ***Europe, Turkey, China, India & USA $2,3 bio
| |
| − | Source: Salama Arabic Islamic Insurance Company
| |
| − | 34
| |
| − |
| |
| − | Appendix II: Consumer Banking Opportunity for Islamic Banks
| |
| − | According to the 2005-06 World Islamic Banking Conference
| |
| − | (WIBC) Competitiveness report authored by McKinsey and
| |
| − | Company,
| |
| − | “Consumer banking will be the main source of steady profits.
| |
| − | Capturing the consumer banking opportunity and appealing to
| |
| − | a broader consumer base is key for Islamic Banks. So far
| |
| − | Islamic banks have managed to capture customers who have a
| |
| − | strong preference for Sharia compliant products.
| |
| − | Going forward, they will have to broaden their appeal to
| |
| − | customers who are interested in Sharia compliant products but
| |
| − | are not ready to sacrifice returns, service or convenience.
| |
| − | To do so, Islamic banks need to improve their service levels,
| |
| − | network convenience and staff knowledge while developing
| |
| − | critical enablers (i.e. operations, risk management and people
| |
| − | management)”.
| |
| − | 35
| |
| − |
| |
| − | Appendix II: Consumer Banking Opportunity for Islamic Banks
| |
| − | The report findings include:
| |
| − | “Successfully delivering against customers’ expectations
| |
| − | requires a complete rethink of the bank’s approach
| |
| − | Islamic banks will strongly need to improve their quality of
| |
| − | service and distribution network
| |
| − | Islamic product offering presents major gaps and customers
| |
| − | want to see some of these gaps closed
| |
| − | Customers would like to see an improvement in price/returns of
| |
| − | banking products”
| |
| − | 36
| |
| − |
| |
| − | Appendix II: Consumer Banking Opportunity for Islamic Banks
| |
| − | According to the WIBC Competitiveness report “Islamic banks
| |
| − | will need to make substantial efforts to meet expectations. To
| |
| − | capture the growth thrust in Consumer banking, Islamic banks
| |
| − | will have to:
| |
| − | Focus the offering and develop wider product range
| |
| − | Expand network and use branch channels
| |
| − | Step up service quality and knowledge
| |
| − | Ensure competitive pricing”
| |
| − | 37
| |
| − |
| |
| − | Contact
| |
| − | Mr. Sohail Jaffer
| |
| − | Partner, FWU Group
| |
| − | 2, Rue Sainte Zithe
| |
| − | L-2763 Luxembourg
| |
| − | Tel: +352 – 2 61 97 700
| |
| − | Fax: +352 – 2 61 97 800
| |
| − | Email: S.jaffer@fwugroup.com
| |
| − | The information in this presentation does not constitute a sales offer, investment advice or an offer for the
| |
| − | acquisition of financial products or instruments, and shall not in this regard imply legal obligations for the
| |
| − | FWU Group or anybody else towards the readers of this presentation.
| |
| − | This presentation is solely intended to provide information on matters of interest for the readers and such
| |
| − | information is not meant to replace the knowledge and the judgment of the readers who should make all
| |
| − | appropriate inquiries.
| |
| − | 38
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