In a significant move to advance financial inclusion in Malaysia, Zurich Takaful Malaysia has announced a strategic partnership with AEON Bank (M) Berhad, Malaysia’s first Islamic digital bank. This collaboration aims to provide Syariah-compliant solutions designed to safeguard local customers’ personal and financial well-being, highlighting a commitment to next-generation fintech adoption and promoting Inclusive Islamic Finance.
The partnership between Zurich Takaful Malaysia and AEON Bank is set to introduce a range of digital-first protection products, leveraging Zurich’s global network and local technological capabilities. These products enhance the accessibility and relevance of takaful (Islamic insurance) solutions for all Malaysians. Shamsul Azman, CEO of Zurich General Takaful Malaysia Berhad, emphasized the importance of this initiative, stating, “We are honoured to spearhead the takaful digitalization for the nation, leveraging our global network and local technological capabilities to expand takaful coverage for all Malaysians. 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.”
Both Zurich and AEON Bank share a vision of promoting financial inclusion through Syariah-compliant solutions. Nur Fatihah Mustafa, Authorised Representative of Zurich Takaful Malaysia Berhad, remarked, “In this rapid age of digitalization, we at Zurich Malaysia are constantly on the lookout for partners that align with our brand campaign ethos to ‘Care For What Matters’. Our collaboration with AEON Bank represents a shared vision for promoting Syariah-compliant financial inclusion not only for Islamic communities but for Malaysians of all walks of life.”
This multi-year partnership aims to address the dynamic needs of today’s digital-savvy customers by offering affordable takaful options that cater to underserved segments of the population. YM Raja Teh Maimunah, CEO of AEON Bank, noted, “This collaboration between AEON Bank and Zurich Malaysia’s takaful arms reaffirms our effort towards offering accessible and inclusive Syariah-compliant takaful 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 protect what matters most to them.”
As AEON Bank rolls out its digital banking services, this partnership will play a crucial role in refining and optimizing user experiences through beta testing phases and gathering insights from a select group of users. This phased rollout aims to ensure the app meets the expectations of a wider user base upon full release in 2024.
The partnership between Zurich Takaful Malaysia and AEON Bank is part of a broader strategy to promote financial inclusivity in Malaysia. Both organizations are committed to empowering individuals and small businesses with the knowledge and tools needed to make informed financial decisions. This initiative aligns with Bank Negara Malaysia’s vision of addressing financial inclusion gaps by offering innovative digital banking and takaful solutions.
By harnessing the power of digital technology, this collaboration not only strengthens the Islamic finance ecosystem but also ensures that a broader segment of the population can access essential financial protection. This strategic move underscores the importance of creating inclusive Islamic finance solutions that cater to the evolving needs of modern customers.
Zurich Takaful Malaysia and AEON Bank’s partnership is set to revolutionize the Islamic finance landscape in Malaysia, making financial protection more inclusive and accessible for all. This initiative is a testament to their shared commitment to fostering financial inclusivity and leveraging digital advancements to serve the diverse needs of Malaysians.
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