Awareness among Muslim Malays of the need for insurance cover needs to be raised to raise Takaful Ikhlas’ penetration rate, say two of the company’s top achievers.
“Looking at the penetration rate of 12 per cent for 2012, we see high potential in the untapped market of about 88 per cent in our target market of Malay Muslims in Malaysia,” Nik Faizal Nik Fauzi, 36, whose Al-Faisal Agency collected RM1.5 million premium for the 2012/2013 period, told reporters.
According to a report by Malaysia’s Borneo Post, Kelantanese Nik Faizal, who has an architecture degree from Universti Malaya, is the winner of this year’s Takaful mega agency award.
Zuraidah Hanim Ibrahim, who won the Million Dollar Round Table (MDRT) USA award in the personal achievement category, added: “Malays comprise 90 per cent of my clientele, and the level of awareness amongst Malays on the need to protect themselves with insurance is very low in comparison to the other races.”
Zuraidah formed her Subang Jaya-based company Darul Asiah Consultant Sdn Bhd in 2003 with her husband.
Founded in 1927, MDRT is the premier international Association of Financial Professionals of nearly 38,000 of the world’s leading life insurance and financial services professionals from more than 450 companies in 79 countries.
The Takaful Ikhlas awards night is on June 29