KUALA LUMPUR: Prudential BSN Takaful Bhd (PruBSN) today announced the conversion of its composite licence to single licence in accordance with the legislative requirements of the Islamic Financial Services Act 2013 (IFSA).
The conversion of PruBSN’s composite licence to single licence also witnessed the transfer of its general takaful business to Syarikat Takaful Malaysia Am Bhd (STMAB), a wholly-owned subsidiary of Syarikat Takaful Malaysia Keluarga Bhd (STMKB).
This is pursuant to the approval by Bank Negara Malaysia on June 29, 2018 and High Court order on Sept 12, 2018.
“We are committed to delivering the best to our customers and we understand the selection of the right partner to continue in serving our general takaful certificate holders is vital.
“Our decision to transfer the general takaful business to STMAB is based on the company’s excellent reputation and ability to manage the business going forward while continuing to provide comprehensive support to our customers.
PruBSN believe customers will continue to have access to the best solutions and service in meeting their general takaful protection needs with STMAB.
"Both PruBSN and STMAB have been working closely to ensure a seamless transition in the services provided to our customers,” said PruBSN chief executive officer (CEO) Nor Azman Zainal.
Nor Azman said the move will give PruBSN greater focus on its core family takaful business, supporting its commitment to narrowing the family takaful protection gap of Malaysians.
The general takaful certificates that will be transferred to STMAB are those issued under PruBSN’s Long Term Takaful Rumahku, Takaful Rumahku and PruBSN Pelindung plans.
The transfer will not have any impact to certificate-holders’ contributions, as well as the benefits and coverage relating to these plans.
STMKB group CEO Datuk Seri Mohamed Hassan Kamil said the transfer will see STMAB continuing takaful protection for the customers of PruBSN and allow it to serve more Malaysians.
“STMAB is committed to supporting the development of the takaful industry. With a strong household brand of ‘Takaful Malaysia’ amongst Malaysians for over 30 years, we are dedicated to delivering the best service to our customers and helping our customers to achieve their ambitions of a brighter and financially more secure future,” he said.