Understanding Business
Understanding Business
12th Edition
ISBN: 9781259929434
Author: William Nickels
Publisher: McGraw-Hill Education
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Question

islamic insurance 

please answer as soon 

(A)ABC Family Takaful Company (ABC Takaful) is a newly established operator which is part of a large Financial Group (FG). FG is a traditional conventional financial services provider, but also provides Islamic services in the areas of Islamic Banking, Islamic Įnvestment and Islamic Wealth Management. The company would offer a range of innovative and comprehensive family takaful solutions and services for the retail and corporate sectors, to be driven by strong Shariah principles. ABC Takaful shareholders comprises FG Bank (55%), FG Conventional Assurance (15%) and JV Insurance company (30%). JV. is a global reputable insurer which has takaful subsidiaries in Indonesia and the Middle East. Being the "new kid on the block" it was necessary to differentiate ABC Takaful from other competitors. Product uniqueness can certainly appeal to most customers. When ABC takaful surveyed the market, it noted that many takaful operators were offering regular investment link (ILT) products at that time. These ILT was able to attract the interest of the customers but have long term tenures albeit, participants can withdraw whenever they choose to do so. Another issue with this ILT product is that participants will have to bear the investment risks should the market becomes bearish and there were no guarantees. Formulate a starting marketing strategy which includes possible family product solutions and services, and distribution models for the launching of ABC Takaful. |
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Transcribed Image Text:(A)ABC Family Takaful Company (ABC Takaful) is a newly established operator which is part of a large Financial Group (FG). FG is a traditional conventional financial services provider, but also provides Islamic services in the areas of Islamic Banking, Islamic Įnvestment and Islamic Wealth Management. The company would offer a range of innovative and comprehensive family takaful solutions and services for the retail and corporate sectors, to be driven by strong Shariah principles. ABC Takaful shareholders comprises FG Bank (55%), FG Conventional Assurance (15%) and JV Insurance company (30%). JV. is a global reputable insurer which has takaful subsidiaries in Indonesia and the Middle East. Being the "new kid on the block" it was necessary to differentiate ABC Takaful from other competitors. Product uniqueness can certainly appeal to most customers. When ABC takaful surveyed the market, it noted that many takaful operators were offering regular investment link (ILT) products at that time. These ILT was able to attract the interest of the customers but have long term tenures albeit, participants can withdraw whenever they choose to do so. Another issue with this ILT product is that participants will have to bear the investment risks should the market becomes bearish and there were no guarantees. Formulate a starting marketing strategy which includes possible family product solutions and services, and distribution models for the launching of ABC Takaful. |
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