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
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
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.
Zerto exhibited at SYS-CON's 18th International Cloud Expo®, which took place at the Javits Center in New York City, NY, in June 2016. Zerto is committed to keeping enterprise and cloud IT running 24/7 by providing innovative, simple, reliable and scalable business continuity software solutions. Through the Zerto Cloud Continuity Platform™, organizations can seamlessly move and protect virtualized workloads between public, private and hybrid clouds. The company’s flagship product, Zerto Virtual...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
910Telecom exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and exchanges.
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
The IoT industry is now at a crossroads, between the fast-paced innovation of technologies and the pending mass adoption by global enterprises. The complexity of combining rapidly evolving technologies and the need to establish practices for market acceleration pose a strong challenge to global enterprises as well as IoT vendors. In his session at @ThingsExpo, Clark Smith, senior product manager for Numerex, discussed how Numerex, as an experienced, established IoT provider, has embraced a new m...
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, will highlight the current challenges of these transformative technologies and share strategies for preparing your organization for these changes. This “view from the top” will outline the latest trends and developm...
Due of the rise of Hadoop, many enterprises are now deploying their first small clusters of 10 to 20 servers. At this small scale, the complexity of operating the cluster looks and feels like general data center servers. It is not until the clusters scale, as they inevitably do, when the pain caused by the exponential complexity becomes apparent. We've seen this problem occur time and time again. In his session at Big Data Expo, Greg Bruno, Vice President of Engineering and co-founder of StackIQ...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...