AEON Bank Partners With Zurich Malaysia To Introduce Shariah-Compliant Takaful Solutions

Alex Cheong Pui Yin

20th May 2024 - 2 min read

AEON Bank has entered into a partnership with Zurich Malaysia through the insurer’s family and general takaful businesses, Zurich Takaful Malaysia and Zurich General Takaful Malaysia, respectively. Through this tripartite collaboration, they hope to roll out a suite of shariah-compliant takaful solutions that can help safeguard the personal and financial wellbeing of Malaysians.

In a joint statement, chief executive officer of AEON Bank, Raja Teh Maimunah Raja Abdul Aziz stressed that the collaboration with Zurich Malaysia’s takaful arms reaffirm the bank’s efforts in offering accessible and inclusive shariah-compliant solutions for Malaysians.

“We see a gap in the market for micro coverage and protection, thus we aspire to facilitate access to affordable takaful options, for Malaysians to be able to protect what matters most to them and a shield in difficult times,” said Raja Teh Maimunah, although she did not share any details on the offerings that may have been planned for rollout in the near future.

Similarly, chief executive officer of Zurich General Takaful Malaysia, Shamsul Azman said that this partnership will focus on expanding takaful coverage for all individuals, with the insurer leveraging on its global network and local technological capabilities for the cause.

“We’re delighted to bring our Zurich Edge proposition to AEON Bank, enabling a seamless, personalised, and more relevant user experience. Our collaboration with AEON Bank highlights our dedication to aiding Malaysians in protecting their assets and paving new pathways for the expansion of the Islamic finance sector in the digital space,” said Shamsul. For context, Zurich Edge refers to a new initiative from the insurer that is aimed at delivering digitally embedded insurance solutions for its partners.

Meanwhile, a representative from Zurich Takaful Malaysia, Nur Fatihah Mustafa said that this partnership is in line with Zurich’s dedication to its branding ethos, “Care For What Matters”. She also noted that the promotion of this shariah-compliant financial inclusion is meant for Malaysians from all backgrounds, and not just for the Islamic community.

To note, AEON Bank is set to become Malaysia’s first Islamic digital bank when it is officially launched on 26 May 2024.

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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