Kuala Lumpur, 7 June 2018 – Sun Life Malaysia Takaful Berhad (Sun Life Malaysia) and Al Rajhi Bank Malaysia (Al Rajhi Bank) today signed an exclusive 10-year bancatakaful agreement that will see Sun Life Malaysia as the sole distributor of Family Takaful products and services to Al Rajhi Bank’s 150,000 strong customer base nationwide.
Since its foray into the Malaysian insurance industry back in 2013, Sun Life Malaysia has been focusing on growing its core bancatakaful business through exclusive partnerships. The partnership with Al Rajhi Bank is an extension of its multi-channel distribution strategy to reach out to even more Malaysians to ensure they are adequately protected and in support of the government’s objective to achieve an insurance penetration rate of 75% by 2020.
The partnership was formalised during a signing ceremony at Hilton Kuala Lumpur by Mr Raymond Lew, CEO & President / Country Head of Sun Life Malaysia and Mr Steve Chen, CEO of Al Rajhi Bank Malaysia.
Raymond Lew said, “We are proud to be the partner of choice in this long-term relationship with Al Rajhi Bank. Our bespoke customised Family Takaful plans will be able to meet the protection and financial needs of Al Rajhi Bank’s customers and help them achieve lifetime financial security, which is in line with our business Purpose.”
“It is also my pleasure to announce that we already have 2 products made available at Al Rajhi’s branches nationwide – Sinar Health Plan, a medical plan that provides hospital and health benefits & Sinar Baraqah, a Universal Takaful savings plan with a focus on helping clients save for Hajj while providing relevant protection,” Raymond added.
“Sun Life Malaysia brings with them a wealth of experience and product innovation expertise and this unique collaboration represents a powerful opportunity for Al Rajhi Bank to expand on its continuous efforts to honour modern financial demands through innovative products which appeal to our target market,” said Steve Chen.
“More importantly, through these Takaful products, we are able to extend peace of mind, mobility, convenience and added safety for our customers and their loved ones, besides contributing towards the growth of the Takaful industry in Malaysia,” he added.