Business Times Malaysia
By Rupinder Singh Published: 2010/01/29
HSBC Amanah Takaful (Malaysia) Sdn Bhd, the Islamic insurance arm of HSBC Bank Malaysia Bhd, plans to launch up to seven products this year.
Chief executive officer Zainuddin Ishak said the company is now focused on traditional long-term plans such as retirement and medical health.
HSBC Amanah Takaful aims to maximise its bankatakaful partnership by leveraging on its parent HSBC Bank Malaysia's client base.
HSBC Amanah Takaful is a joint venture between HSBC Insurance (Asia Pacific) Holdings Ltd, Jerneh Asia Bhd and the Employees Provident Fund.
According to a recent HSBC Asian Insurance Monitor survey, more Malaysians have taken up medical insurance in the past 12 months.
The survey showed over one-third of 480 respondents will rely on medical insurance or government for critical illness cover, 26 per cent say they will have to withdraw their bank savings.
"Having witnessed the global economic downturn, Malaysians have become aware of the threats that may hinder the growth of their wealth, and realised that they may not have enough savings for achieving their long-term financial goals," said Zainuddin.
The survey by Nielsen covered Malaysia, Hong Kong, Singapore, Taiwan, South Korea, India and China and was conducted from December 10 to 24 2009.
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