5 Interactive Distance Learning Programs on Islamic Banking and Finance

Friday, February 27, 2009

Etiqa Takaful On Track To Achieve RM1.4 Billion Premium

Etiqa Takaful Bhd is on track to achieve RM1.4 billion premium target for financial year ending June 30 as the life segment is showing continuous growth, Chief Executive Officer Mohd Tarmidzi Ahmad Nordin said today.

For the financial year ended June 30 last year, the company recorded a premium of RM1.044 billion, he said.

"We are the takaful company in Malaysia to cross the one billion mark. In fact, we are the biggest takaful company in the world. We are quite positive to realise the target," he told reporters after handing RM70,000 from Etiqa Takaful to the Fisabilillah Trust Fund.

Mohd Tarmidzi said the life segment contributes about 70 percent to the company's growth while 30 percent by non-life segment.

Currently, the company has about a million policy holders.

On the RM70,000 contribution, the International Centre for Education in Islamic Finance (INCEIF) chief academic officer and dean Prof Datuk Dr Syed Othman Alhabshi said the fund is to assist deserving students to pursue INCEIF's flagship company programme -- Chartered Islamic Finance Professional (CIFP) -- masters and doctorate programmes.

The fund, established by INCEIF in 2007, is the zakat (tithe) payables received from organisations and individuals that will be kept under the custody of an external trust body.

He said funds would be disbursed only with the instruction of the management trustee comprising five members, with two from INCEIF and three external parties.

As of today, 101 students from 21 countries have benefited from the fund to pursue their studies under the CIFP programme.

Ten students from six countries have been awarded financial aid for PhD programme and three students from three countries for the masters programme.