GroupAssig IFS
GroupAssig IFS
Takaful IKHLAS began carving its mark in the Takaful industry on 18 September 2002
through Takaful Ikhlas Sdn. Bhd. and its status was later converted to Berhad on 5 May 2014.
Takaful IKHLAS is principally involved in the provision of Financial protection services,
based on principles and rulings of Shariah. Takaful Ikhlas Berhad had on 30 November 2018
announced the conversion of its composite takaful license into two entities to manage its
family and general takaful businesses separately. This conversion is in accordance with the
legislative requirement under the Islamic Financial Services Act, 2013 (IFSA). Takaful Ikhlas
Berhad is renamed to Takaful Ikhlas Family Berhad (Takaful IKHLAS Family) and manages
the family takaful business. Its general takaful business is being managed by a new entity,
Takaful Ikhlas General Berhad (Takaful IKHLAS General). Takaful IKHLAS offers a
comprehensive range of family and general takaful products. Its distribution channels
comprise of highly knowledgeable and well-trained agents, brokers, financial institutions,
motor franchise holders and cooperatives. Takaful IKHLAS has 13 branch offices and
currently records around 2 million registered certificate (policy) holders and more than 5,000
agents. Both Takaful IKHLAS Family and Takaful IKHLAS General are wholly owned
subsidiaries of MNRB Holdings Berhad.
Board Of Directors
Datuk Johar Che Mat
Non-Independent Non-Executive Chairman/Director
DATUK JOHAR CHE MAT, Male, Malaysian, an Independent Non- Executive Chairman
since 3 January 2019 and was subsequently re-designated as Non- Independent Non-
Executive Chairman/Director of the Company effective 1 July 2019. He is a member of the
Risk Management Committee of the Board. He obtained a Bachelor of Economics Degree
from University of Malaya in 1975. He has thirty- four (34) years of experience in the
banking industry. He began his career in 1975 as an Officer at the Prime Minister’s
Department. In 1976, he joined Malayan Banking Berhad (Maybank) where he served in
various divisions including in senior positions as the Manager/Senior Manager covering the
transactional banking (operations), retail finance, retail marketing and private banking. From
1993 to 1995, he was appointed as the Regional Manager for Maybank branches in Selangor
and Negeri Sembilan. In 1996, he was promoted as the General Manager, Commercial
Banking Division and subsequently served as the Senior General Manager, Corporate
Banking and Enterprise Banking Division in 2000. In 2002, he was promoted as the Senior
Executive Vice President, Retail Financial Services and was thereafter appointed as the Chief
Operating Officer of the Maybank Group from 2006 till 2010. He is also a Director of MBSB
Bank Berhad, Dagang NeXchange Berhad, Ping Petroleum Ltd and Motordata Research
Consortium Sdn. Bhd.
Zaharudin Daud
ROSINAH MOHD SALLEH, Female, Malaysian, a Director of the Company since the
incorporation date. She was then re-designated as an Independent Non-Executive Director on
effective 30 November 2018. She is a member of the Risk Management Committee of the
Board. She obtained a Bachelor of Laws (LLB) Degree from University of Kent at
Canterbury, England in 1992 and was admitted as a Barrister-at-Law at Lincoln’s Inn in
1993. In 2000, she obtained a Master of Business Administration (International Industrial
Management) from University of Applied Sciences, Esslingen, Germany. She began her
career in 1994 when she joined Nik Saghir & Ismail, a corporate law firm as a Corporate
Lawyer. In 2001, she joined RHB Banking Group as its Legal Manager. In 2004, she joined
Ng & Shum, a law firm in Guangzhou, China as a Foreign Lawyer. In 2007, she joined Azmi
& Associates, a corporate law firm in Kuala Lumpur as a Senior Counsel. In 2011, she joined
TUV Rheinland Japan Ltd in Yokohama, Japan as the Coordinator at the Product
Certification Department. From 2012 until 14 September 2019, she was a Partner at Azmi &
Associates in Kuala Lumpur. She was appointed as Director of MNRB Holdings Berhad from
1 January 2017 until 30 September 2019.
Arul Sothy Mylvaganam
WOON TAI HAI, Male, Malaysian, an Independent Non-Executive Director since 1 October
2019. He is a member of the Risk Management Committee of the Board. He obtained a
Master’s Degree in Business Administration, a Post Graduate Degree in Accounting and
Finance from University of Technology, Sydney, Australia and a Bachelor of Science from
University New South Wales, Australia. He has over thirty-five (35) years of experience in
Information Technology (IT) and Risk Management. Upon graduation, he spent eleven (11)
years working in the Financial Services Industry in Australia including Lloyds Bank NZA
and Commonwealth Bank of Australia before returning to Malaysia in 1993. He later spent
four (4) years working in a large local Systems integrator and Solutions provider focusing in
the Malaysian Banking and Finance sector. In 1998, he joined KPMG Malaysia as a Director
and held various positions including Executive Director, Chief Information Officer and Chief
Knowledge Officer before he retired in 2013. Over the sixteen (16) years tenure with KPMG,
he was admitted into the partnership and led multi-disciplinary (including cross regional
engagements) team in assisting multi-national companies, small and medium enterprises,
Government Ministries and Agencies and local clientele. After retiring from KPMG, he was
appointed as Executive Director of BDO Consulting, Malaysia, where he continued as a
Management Consultant for clients in IT and operational related engagements.
Dato’ Amirudin Abdul Halim
We aim to provide comprehensive Family and General Takaful protection. We place strong
emphasis on product innovation coupled with differentiating features to ensure market
acceptance. Our Family protection products focus on savings or investment-linked plans and
mortgage protection plans. The general protection offerings feature innovative plans to cover
properties such as vehicles, buildings and other assets. In the long-term, we will continue to
broaden our product range to meet the changing needs of our customers. These plans are
underwritten to cater for various categories of customers, from middle to lower-income
groups including the rural markets, as part of our social responsibility. Our services, on the
other hand, are supported by the state-of-the-art technology, designed to ensure accuracy and
timeliness of information. This will help enhance our efficiency and professionalism when
dealing with customers, as well as add value for our stakeholders.
Name Of Interviewee
Date Of Interview
11 April 2023
Place Of Interview
HIGHEST QUALIFICATION
SKILLS
• Excellent hands on skills in MS Office – Word, Excel, Access, Power Point and Lotus
application, PREMIA, Microsoft Visio
• Aptitude to learn and grasp new concepts and adept well in changing environment
Position :
Responsibilities:
• Assist Manager to create and organize training under Corporate Business division
• Prepare report such as report tracking login into Agent Portal, AMLA report and attendance
report from Training Portal
• Create a e-learning slide and question to be publish in Training Portal for agent to do e-
learning
1. What is takaful ?
Takaful is a type of Islamic insurance wherein members contribute money into a pool system
to guarantee each other against loss or damage. Takaful-branded insurance is based
on sharia or Islamic religious law, which explains how individuals are responsible to
cooperate and protect one another. Takaful policies cover health, life, and general insurance
needs. Takaful insurance companies were introduced as an alternative to those in the
commercial insurance industry, which are believed to go against Islamic restrictions on riba
(interest), al-maisir (gambling), and al-gharar (uncertainty) principles all of which are
outlawed in sharia.
The takaful fund is managed and administered on behalf of the participants by a takaful
operator, who charges an agreed-upon fee to cover costs. Much like a conventional insurance
company, costs include sales and marketing, underwriting, and claims management.
Any claims made by participants are paid out of the takaful fund and any remaining
surpluses, after making provisions for the likely cost of future claims and other reserves,
belong to the participants in the fund—not the takaful operator. Those funds may be
distributed to the participants as cash dividends or distributions, or via a reduction in future
contributions.
2. What are the differences between takaful and conventional insurance ?
Although essentially both Takaful and conventional life insurance serves the same purpose of
providing coverage, there are major differences between the two.First,Intent where individual
enters the agreement to contribute to a fund that can potentially help those experiencing the
unfortunate situation. On the other hand, a conventional insurance policy is purchased as a
personal financial security for an individual, and the insurance company is the risk bearer.
Second,Investment where the conventional investment units of insurance will invest based on
their assessment of what fits their profiles. However, Takaful investments will follow strict
principles. Takaful cannot invest in anything that has elements of gambling, uncertainty or
the practice of lending money at unreasonably high-interest rates.
Lastly, Returns.If there is extra money because of low claim rates by insurers under Takaful,
it will be distributed to participants. While the profits from investments will be distributed to
both participants and shareholders. Takaful operators make money through performance fee
or by sharing the surplus. But the total amount of payment from the surplus that Takaful
operators get cannot exceed the amount that is paid to Takaful participants.
However, under conventional insurance, extra money and profits belong to the shareholders
of the insurance companies. Before deciding on a Takaful insurance coverage, check if your
agent is registered as a Takaful agent with MTA. This is to make sure you don’t get cheated
by an unscrupulous individual posing as a Takaful agent. All Takaful agents are required to
register with MTA before they are authorised to promote and distribute Takaful products. All
registered Takaful agents will be issued with an authorization card.
3. Can the non-muslim purchase the takaful?
Takaful and insurance are very important as they perform the essential function of providing
a financial safety net in the event something unexpected happens to you, such as developing a
critical illness, getting into an accident, incurring loss of property, or even death.
First, You get profit, instead of a bonus.All participants and shareholders share profits from investments.
This differs from conventional insurance. Any extra money or profit under this coverage belongs to the
shareholders of the insurance companies.Next,Free from riba (interest) Conventional insurance companies
aim to collect premiums and interests under-owned accounts to achieve profits. The goal of Takaful, by
comparison, is to achieve cooperation among its participants. Cashbacks,for certain Takaful products,
there is a certain amount of cashback if you do not have any claims to make during the coverage
period.Lastly, Good deeds.Mutual cooperation is the underlying concept of Takaful. A pooled fund
provides mutual financial aid. This is collectively contributed by a group of people under Takaful.
5. What is the challenge of Islamic insurance?
According to content, this are the following constraints in takaful industry of Islamic countries,takaful
concept awareness, lack of education, different takaful models, lack of standardization, scarcity of human
resources, real earnings management, corporate governance, technical efficiency, rural market, small
penetration rate, inadequate technology capabilities, differences in culture, less number of shariah re-
insurance, non- sharaih compliance risk, operating efficiency, human capital, income level of participants,
and large size of takaful companies.This study highlights the constraints which can be considered by
AAOIFI and IFSB for improving the standards of takaful industry operating at global level. Moreover,
takaful operators can also get a view of all the constraints and can work on their policies for surviving with
the above mentioned constraints for giving a better performance in the insurance market.
6. What concept do you use in Islamic insurance?
A takaful contract must be based on principles of co-operation, protection and mutual responsibility and
must avoid acts of interest (riba), gambling (al-maisir) and uncertainty (al-gharar).
A takaful company conducts all its affairs in a manner that meets the Islamic Sharia tradition whether it is
to do with investing its funds, in carrying out its business in all classes of insurance or in any other related
financial field. The company’s Memorandum and Articles of Association underlines this approach.
The company normally has a committee of prominent Sharia scholars. Their direct guidance and advice is
essential at all stages of takaful operations, from the point of sale activities to payment of benefits, from
accounting to investing the funds, from public dealing to serving the community through insurance and
non-insurance activities such as supporting charitable work, etc. All operations and contracts are set-up to
ensure that any element of speculation, uncertainty and gambling is eliminated or minimized from them.
This is essential for maintaining the Caring and Co-operative principles of takaful.
A takaful company does not have policyholders. It has Contributors or Participants as they are
participating jointly in a takaful fund for their mutual benefit. They are owners of the fund and the
Company manages and operates takaful fund on their behalf.
The company ensures that interests of the participants (the insured) are based on mutual co-operation and
solidarity. In the event a contributor suffers financial loss, he or she is paid an amount from takaful fund in
accordance with the basis and underwriting principles of insurance. All the scientific methods that are
normally used in insurance applications such as financial and medical underwriting, mortality and
morbidity rates etc. are applied in takaful operations.In upholding the principles of co-operation,
participation in a takaful system is deemed to be on a voluntary basis. By signing a takaful contract, each
contributor agrees to uphold this spirit of co-operation and mutual solidarity and help each other through
the takaful system. Each participant’s contribution is therefore part of a collective donation without prior
expectation of individual fixed returns. This is essential to rid the system of doubt or give any semblance
of gambling. In the Far East (Malaysia, Indonesia and Brunei) this act of donation is known as tabarru. In
the Middle East it is usually known as ta’awun contribution or takaful donation.
Appendix