AEON Bank and Zurich Malaysia Join Forces for Inclusive Takaful Solutions

AEON Bank and Zurich Malaysia Join Forces for Inclusive Takaful Solutions

by May 20, 2024

Zurich Malaysia, through its family and general takaful businesses, has formed a tripartite partnership with AEON Bank, Malaysia’s first Islamic digital bank.

This collaboration aims to promote inclusive takaful solutions based on Syariah principles, to enhance the personal and financial wellbeing of local customers.

The partnership signifies a collective effort to advance fintech adoption, offering digital-first protection products within Malaysia’s Islamic finance ecosystem.

This is the second collaboration that Zurich has formed with a local digital bank including a recent 10-year bancassurance partnership with GXBank aimed at developing affordable micro protection insurance products for underserved Malaysians.

As one of the five entities granted a digital banking license in Malaysia, AEON Bank is gearing up to officially launch its Islamic banking app for retail users in this quarter.

Potential users can register their interest through AEON Bank’s mobile banking app which is available on Google Play Store and iOS App Store.

AEON Bank also plans roll out its services for the business segment in 2025.

Shamsul Azman

Shamsul Azman

Shamsul Azman, CEO of Zurich General Takaful Malaysia Berhad said,

“We are honoured to spearhead the takaful digitalisation for the nation, leveraging on our global network, local technological capabilities to expand takaful coverage for all Malaysians.

 

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 Islamic finance sector in the digital space.”

Raja Teh Maimunah

Raja Teh Maimunah

Raja Teh Maimunah, CEO of AEON Bank said,

“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 be able to protect what matters most to them and a shield in difficult times. We look forward to working together with Zurich Malaysia to achieve this shared commitment.”

 

Featured image: Junior Cho, Country CEO/Head of Zurich Malaysia (3rd from right) and YM Raja Teh Maimunah, CEO of AEON Bank (3rd from left); alongside Shamsul Azman, CEO of Zurich General Takaful Malaysia (1st from right); Nur Fatihah Mustafa, Authorised Representative of Zurich Takaful Malaysia (2nd from right); Ajith Jayaram, Chief Strategy Officer & Head of Personal Banking of AEON Bank (1st from left); and Idham Baharum, Treasurer of AEON Bank (2nd from left)