Welcome!

News Feed Item

PRUDENTIAL PLC ANNOUNCES - PRUDENTIAL BSN TAKAFUL BERHAD LAUNCHED TODAY

PRUDENTIAL PLC ANNOUNCES - PRUDENTIAL BSN TAKAFUL BERHAD LAUNCHED TODAY

LONDON, UK -- (MARKET WIRE) -- 08/08/06 -- Date: Tuesday 8 August 2006

PRUDENTIAL BSN TAKAFUL BERHAD LAUNCHED TODAY

Prudential plc (Prudential) and Bank Simpanan Nasional Bhd (BSN) today launched a takaful joint venture, Prudential BSN Takaful Berhad (PBTB) at a ceremony in Kuala Lumpur today. PBTB's shareholders, BSN and Prudential hold 51 per cent and 49 per cent respectively of the joint venture company.

The new joint venture will offer a range of takaful savings, protection and investment products which have been developed with the unique needs of Bumiputra (Muslim Malays), who make up 60% of the population, in mind. PBTB is the first company to launch following Bank Negara's recent issuance of four new takaful licences. A total of nine licences have now been issued. In the past several years, the takaful industry has experienced far higher growth than conventional insurance, making it one of the fastest-growing segments in the local Islamic financial market.

Encik Mohamad Salihuddin Ahmad, CEO of the new joint venture (PBTB) thanked Bank Negara for the opportunity to help develop the very important takaful industry. Salihuddin said:

"From the consumers' perspective, there isn't a better time than now to consider takaful products because more takaful companies means a better choice of innovative and competitively priced products and services.

"PBTB is different from the other players. We will focus on understanding the needs of Malaysian customers and designing products to meet these needs. With many Bumiputra customers under-insured, we believe there is an opportunity to launch new family and general takaful products, including an investment-linked takaful product."

Mr Ng Keng Hooi, Managing Director, Insurance, Prudential Corporation Asia, said:

"Prudential is very pleased to launch the joint venture with BSN, one of Malaysia's best known and most respected financial institutions. With the launch of PBTB, we have a great opportunity to help Malaysia's largely under-insured Bumiputra market lead more financially secure lives.

"The joint venture is very lucky to have two very distinguished parents. Both are well-trusted brand names. Prudential brings to the partnership strong global credentials and substantial experience in insurance - almost 160 years in Europe and over 80 years in Malaysia. BSN is a well known and respected financial institution in the country. PBTB will also benefit from the international product development expertise of Prudential who are leaders in the investment-linked insurance market. In addition, we have critical illness and medical products which we believe will be very attractive to takaful customers. The new joint venture will also leverage Prudential's 7,000 strong agency force and BSN's 387 branches."

Dato' Azim Mohd Zabidi, Chairman of BSN said:

"The launch of PBTB marks another significant milestone for BSN as it reflects the bank's strong commitment towards providing a complete range of shariah-compliant financial solutions, covering Islamic Banking and takaful that is tailor-made to meet the demand of the consumers. We believe the emergence of PBTB in the Islamic financial landscape is timely. It meets the aspiration of the Government to accelerate the penetration of takaful and bring its benefits to the majority of Malaysians in urban as well as rural areas. PBTB will benefit greatly from the strengths of the two parent companies. Both are financially strong companies whose collective strengths are in agency distribution, branch network, product development and branding.

"The bancatakaful will leverage BSN's large branch network and extensive Bumiputra customer base to further extend the company's reach into the takaful market. BSN's well established network of 387 branches nationwide and over 7 million customers offers substantial access to the Bumiputra market."

PBTB head office is located at the Prudential Building in central Kuala Lumpur.



                                      ENDS


Enquiries:

Media                             Investors/Analysts

Jon Bunn        020 7548 3559     James Matthews       020 7548 3561
                                  Valerie Pariente     020 7548 3511



Notes to Editor:


1.    Takaful


Takaful is an Islamic way of providing insurance cover. Conventional insurance
cover incorporates economic elements which are deemed haram (forbidden): namely
the elements of interest, uncertainty, and gambling. This concept is similar in
the banking industry, prompting the introduction of Islamic banking in 1983.


The underlying concept behind takaful is a form of shared fund, formed by
contributions (premiums) made by its participants. Payments are then made from
the shared fund in the event of death (or other contingencies).


2.    About Bank Simpanan Malaysia


BSN was incorporated on 1st December 1974 under the Ministry of Finance. With
its incorporation, BSN has taken over all the duties and responsibilities of the
Post Office Savings Bank. BSN's mission is to encourage savings, investments and
smart financial management among Malaysians to increase their quality of life.
BSN now has more than 5,100 employees, 387 branches and 623 automatic teller
machines (ATM) nationwide. BSN has more than 7 million customers spread
throughout the length and breadth of the country and with savings of more than
RM 7 billion.


It has embarked on a number of key initiatives to catalyse the transformation of
the Bank to stay competitive and to be an entity which is able to create
sustainable value. BSN is continuously enhancing its services as well as
expanding its range of products for the benefit of the customers. BSN's main
products include Personal Financing, Home loan, Premium Savings Certificate
(SSP), Islamic Banking Scheme, Giro and Al-Wadiah savings account, BSNMatrix and
BSNMatrix-i debit card and VISA and Mastercard credit card. For more information
on BSN visit www.bsn.com.my.



3.    About Prudential


*Prudential plc, a company incorporated and with its principal place of business
in the United Kingdom, and its affiliated companies constitute one of the
world's leading financial services groups. It provides insurance and financial
services directly and through its subsidiaries and affiliates throughout the
world. It has been in existence for over 150 years and has £238 billion in
assets under management, as at 30 June 2006. Prudential plc is not affiliated in
any manner with Prudential Financial, Inc, a company whose principal place of
business is in the United States of America.



Forward-Looking Statements

This statement may contain certain "forward-looking statements" with respect to
certain of Prudential's plans and its current goals and expectations relating to
its future financial condition, performance, results, strategy and objectives.
Statements containing the words "believes", "intends", "expects", "plans",
"seeks" and "anticipates", and words of similar meaning, are forward-looking. By
their nature, all forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances which are beyond
Prudential's control including among other things, UK domestic and global
economic and business conditions, market related risks such as fluctuations in
interest rates and exchange rates, and the performance of financial markets
generally; the policies and actions of regulatory authorities, the impact of
competition, inflation, and deflation; experience in particular with regard to
mortality and morbidity trends, lapse rates and policy renewal rates; the
timing, impact and other uncertainties of future acquisitions or combinations
within relevant industries; and the impact of changes in capital, solvency or
accounting standards, and tax and other legislation and regulations in the
jurisdictions in which Prudential and its affiliates operate. This may for
example result in changes to assumptions used for determining results of
operations or re-estimations of reserves for future policy benefits. As a
result, Prudential's actual future financial condition, performance and results
may differ materially from the plans, goals, and expectations set forth in
Prudential's forward-looking statements. Prudential undertakes no obligation to
update the forward-looking statements contained in this statement or any other
forward-looking statements it may make.



                      This information is provided by RNS
            The company news service from the London Stock Exchange

END

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Join Impiger for their featured webinar: ‘Cloud Computing: A Roadmap to Modern Software Delivery’ on November 10, 2016, at 12:00 pm CST. Very few companies have not experienced some impact to their IT delivery due to the evolution of cloud computing. This webinar is not about deciding whether you should entertain moving some or all of your IT to the cloud, but rather, a detailed look under the hood to help IT professionals understand how cloud adoption has evolved and what trends will impact th...
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
We are always online. We access our data, our finances, work, and various services on the Internet. But we live in a congested world of information in which the roads were built two decades ago. The quest for better, faster Internet routing has been around for a decade, but nobody solved this problem. We’ve seen band-aid approaches like CDNs that attack a niche's slice of static content part of the Internet, but that’s it. It does not address the dynamic services-based Internet of today. It does...
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
"Qosmos has launched L7Viewer, a network traffic analysis tool, so it analyzes all the traffic between the virtual machine and the data center and the virtual machine and the external world," stated Sebastien Synold, Product Line Manager at Qosmos, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We are a modern development application platform and we have a suite of products that allow you to application release automation, we do version control, and we do application life cycle management," explained Flint Brenton, CEO of CollabNet, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...