KUALA LUMPUR, Dec 2 — Takaful Ikhlas Family Bhd and Takaful Ikhlas General Bhd (Takaful Ikhlas) have entered into a five-year bancatakaful partnership with MBSB Bank Bhd and are targeting to achieve RM500 million in takaful contributions.

In a statement today, MBSB Bank group chief executive officer Datuk Nor Azam Taib said the partnership would cover a wide range of family and general product offerings.

"Concurrently this initiative will also increase the bank’s fee-based income.

"Both MBSB Bank and Takaful Ikhlas will explore other opportunities such as affinity partnerships and CSR initiatives,” he said.

Nor Azam added that this collaboration would bring greater value to the bank’s customers as we expand the range of takaful products to meet their needs throughout their financial journey.

"We are confident in Takaful Ikhlas’ capability for their takaful products and services and digital platforms,” he said.

Azam said the bank is looking forward to a long-term partnership with Takaful Ikhlas, which is aligned with its goal and strategy to become a top progressive Islamic bank.

Meanwhile, Takaful Ikhlas president and chief executive officer Datuk Rudy Rodzila Che Lamin said the company is committed to bringing its best-in-class takaful solutions to MBSB Bank’s retail and corporate customers.

"We believe this partnership will be able to provide the opportunity for the bank’s customers to benefit from financial protection through our offerings.

"We will be working closely with MBSB Bank to empower progressive and comprehensive Islamic financial solutions exclusively to Malaysians,” he said.

Rudy Rodzila said the tie-up would enable Takaful Ikhlas to support the bank’s vision of becoming one of the top progressive Islamic banks in Malaysia and, at the same time, be able to provide useful and affordable financial products and services that meet the community’s needs.

MBSB Bank will extend Takaful Ikhlas’ family takaful credit-related products such as mortgage reducing term takaful, group credit term takaful and advisory takaful products as well as its general takaful products such as motor, houseowner, fire takaful, personal accident and more. — Bernama