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GroupAssig IFS

Takaful Ikhlas General Berhad provides general (non-life) takaful or Islamic insurance services in Malaysia based on Shariah principles. It was established in 2002 and converted to a Berhad company in 2014. In 2018, it separated its family and general takaful businesses into two separate entities (Takaful Ikhlas Family and Takaful Ikhlas General), in accordance with new regulatory requirements. Takaful Ikhlas offers a range of family and general takaful products through agents, brokers and other distribution channels. It has over 13 branches across Malaysia and around 2 million certificate holders. The company is a wholly-owned subsidiary of MNRB Holdings Berhad.

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0% found this document useful (0 votes)
88 views20 pages

GroupAssig IFS

Takaful Ikhlas General Berhad provides general (non-life) takaful or Islamic insurance services in Malaysia based on Shariah principles. It was established in 2002 and converted to a Berhad company in 2014. In 2018, it separated its family and general takaful businesses into two separate entities (Takaful Ikhlas Family and Takaful Ikhlas General), in accordance with new regulatory requirements. Takaful Ikhlas offers a range of family and general takaful products through agents, brokers and other distribution channels. It has over 13 branches across Malaysia and around 2 million certificate holders. The company is a wholly-owned subsidiary of MNRB Holdings Berhad.

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TEBENRAJ SEGAR
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Takaful Ikhlas General Berhad

Insurance & Takaful

Name Of Group Members Matric Number

1. Tebenraj A/L Segar PF201WP002KYM

2. Syamir Iqbal Khan Bin PF202WW004KYM


Akhbar Khan

3. Nurul Atirah Binti Mansor AF202WW002KYM


Takaful Ikhlas General Berhad

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

Non-Independent Executive Director

ZAHARUDIN DAUD, Male, Malaysian, a Non-Independent Executive Director since 23


November 2020. He is a member of Investment Committee. He is also the President and
Group Chief Executive Officer of MNRB Holdings Berhad (“MNRB”). He obtained
Advanced Diploma in Business Studies from Institut Teknologi Mara and is an Associate of
The Chartered Insurance Institute (ACII) since 1992. He started his career in an insurance
Broking house and has exposures in Sales and Marketing, Operations, Retail Underwriting
and Product Design in his thirty (30) years’ experience in the general insurance business. He
was also the Management Committee member of the Persatuan Insuran Am Malaysia (PIAM)
and Life Insurance Association of Malaysia (LIAM) until 2018, and was also a Board
member of ISM Insurance Services Malaysia Berhad (ISM) until August 2020. In early 2010,
he was redeployed to Singapore to be the Principal Officer of Etiqa Singapore before
returning to Malaysia to assume the position of the Chief Executive Officer of Etiqa
Insurance Berhad in September 2014. Prior to joining MNRB Group, he was the Chief
Executive Officer of Etiqa General Takaful Berhad from January 2018 to August 2020. He
was also appointed as a Director of Malaysian Reinsurance Berhad and Takaful Ikhlas
Family Berhad effective 23 November 2020. Also a Director of associate company,
Motordata Research Consortium Sdn. Bhd. On 21 January 2021, he was appointed as a
Director of Malaysian Re (Dubai) Ltd.
Rosinah Mohd Salleh

Independent Non-Executive Director

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

Independent Non-Executive Director

ARUL SOTHY MYLVAGANAM, Male, Malaysian, an Independent Non-Executive


Director since 1 October 2019. He is the Chairman of the Audit Committee. He is a Fellow of
the Association of Chartered Certified Accountants, United Kingdom. He is also a Chartered
Accountant with the Malaysian Institute of Accountants, a Fellow of the Institute of Certified
Public Accountants, Australia and Certified Financial Planner of the Financial Planning
Association of Malaysia. He completed his articleship in London and gained commercial
experience in other United Kingdom companies. He had also served in Ernst & Young as
Senior Manager of Audit before being appointed as the General Manager and Chief Financial
Officer of Syarikat Perumahan Pegawai Kerajaan Sdn. Bhd. Thereafter, he was appointed as
the Group Chief Operating Officer of PNB Commercial Sdn. Bhd., a subsidiary of
Permodalan Nasional Berhad before he commenced his own financial consultancy practice.
He was appointed as Director of Malaysian Reinsurance Berhad from 1 June 2016 until 30
September 2019 and MNRB Holdings Berhad from 1 January 2017 until 30 September 2019.
He was appointed as a Director of MBSB Bank Berhad on 5 May 2020.
Woon Tai Hai

Independent Non-Executive Director

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

Independent Non-Executive Director

DATO’ AMIRUDIN ABDUL HALIM, Male, Malaysian, an Independent Non-Executive


Director since 1 April 2021. He is a member of the Audit Committee and the Group
Investment Committee of MNRB Holdings Berhad. He holds a Bachelor of Arts in Finance
from the St. Louis University, Missouri, USA and a Diploma in Business Studies from
Universiti Teknologi MARA, Shah Alam. He has also completed Advanced Management
Programme from the Wharton Business School, University of Pennsylvania, USA. He started
his carrier as a banker with Mayban Finance Berhad in 1988 as an Assistant Branch Manager,
Alor Setar Branch and had since served in various divisions in Maybank Group. Thereafter,
he was with Affin Bank Berhad from year 2009 until 2016 as Director, Business Banking and
was promoted to the post of Executive Director, Banking. He was appointed as the Chief
Operating Officer (Business) of Bank Kerjasama Rakyat Malaysia Berhad from year 2017
until 2019.He has over 30 years' experience in the banking industry encompassing more than
20 years in the Senior Management capacity with some of the top ten (10) banks in Malaysia.
Currently, He was also formerly a Director of Bank Simpanan Nasional Berhad from year
2019 until 2022.On 21 December 2022, Dato’ Amirudin was appointed a director of Bank
Kerjasama Rakyat Malaysia Berhad (Bank Rakyat).
Dr. Wan Zamri Wan Ismail

Independent Non-Executive Director

DR. WAN ZAMRI WAN ISMAIL, Male, Malaysian, an Independent Non-Executive


Director since 1 October 2021. He is the Chairman of the Risk Management Committee of
the Board and a member of the Audit Committee and a Permanent Invitee of the Group
Nomination & Remuneration Committee of MNRB Holdings Berhad. He is an Associate
member of the Malaysian Insurance Institute, holds a Master of Science in Islamic Banking
and Finance from the International Islamic University Malaysia (“IIUM”). He completed his
Ph.D in Contemporary Islamic Studies from Universiti Teknologi MARA in 2022. He
possesses more than forty (40) years of experience in the Insurance, Reinsurance, Takaful
and Retakaful industries. He began his career with Mayban-Phoenix Assurance Berhad,
Malaysian National Reinsurance Berhad and Trust International Insurance Berhad from 1978
until 1986. He was then appointed as the first Branch Manager of Syarikat Takaful Malaysia
Berhad in the state of Kelantan until 1997 before joining Asean Retakaful International
(Labuan) Ltd as the Chief Executive Officer until 2004. Thereafter, he was appointed as the
Managing Director of Syarikat Takaful Indonesia from 2004 until 2007, and later served at
Dar Al- Takaful Plc, Dubai as the Chief Executive Officer until 2010. In 2016, he joined
Noor Takaful Nigeria Plc as the Managing Director until 2017. In 2018, he was appointed as
an Independent Non-Executive Director of Noor Takaful Nigeria Plc until today.
Takaful Ikhlas General Berhad

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

Harun Bin Sahad


Associate Director
Takaful Ikhlas Melaka Region

Date Of Interview

11 April 2023

Place Of Interview

Takaful Ikhlas General Berhad


No 10,Jalan Melaka Raya 8,
Taman Melaka Raya,
75000 Melaka
Harun Bin Sahad
Associate Director
Takaful Ikhlas Melaka Region

HIGHEST QUALIFICATION

1995 – 1998 : Bachelor of Science in Business Administration The University of Findlay,


Ohio, USA 2009 – 2011 : Master Business Administration University Technology Mara
(UiTM)

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

• Knowledge on PASCAL program and Visual Bacis 6


EMPLOYMENT HISTORY

Employer : TAKAFUL MALAYSIA BERHAD

Period : JANUARY 2014 – Till Now

Position :

ASSISTANT MANAGER, Corporate Business Academy, HQ, KL Assist Manager to create


and organize training for Sales Staff and Corporate Agent.

Responsibilities:

• Assist Manager to create and organize training under Corporate Business division

• Manage and monitor CA Training portal

• Create a class and to be publish in Training Portal

• 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

• Create and Prepare the slide product for training

• Create SOP and workflow for Corporate Business Academy


Questions Asked and The Answers Given

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.

All parties or policyholders in a takaful arrangement agree to guarantee each other and make


contributions to a pool or mutual fund instead of paying premiums. The pool of collected
contributions creates the takaful fund. Each participant's contribution is based on the type of
coverage they require and their personal circumstances. A takaful contract specifies the
nature of the risk and the length of the coverage, similar to that of a conventional insurance
policy.

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.

To put it generally, Takaful is like an Islamic insurance. However, Takaful is fundamentally


different from insurance in its principles and how it operates. Takaful is also not just for
Muslims. It is also open to non-Muslims who prefer to subscribe to and receive Takaful
benefits. Ultimately, Takaful provides you with a financial safety net in the event of
unforeseen circumstances. If you do not have either in place, we strongly recommend you
subscribe to a Takaful plan. Be it a debilitating illness, or a disability or death due to an
accident, Takaful can ensure you and your loved ones receive necessary compensation and
care.

4. What are the advantages of Islamic insurance compared to conventional insurance?

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

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