Bank Simpanan Nasional expects its wealth management division to contribute up to 15 per cent of the bank's revenue next year.
This is based on new product launches and increasing demand for takaful products.
Deputy Chief Executive Winston Emmanuel Jeyaprakash said the expectation was based on the low penetration rate of takaful products compared to the high number of Muslim customers in the bank.
"We would like to offer takaful products because almost 80 per cent of our clients are Muslims. I think takaful will be very lucrative revenue for us to tap as an additional income stream," he told reporters at the official launch of the Giro Takaful Hajj here today.
Giro Takaful Hajj is a takaful plan, launched in collaboration with Prudential BSN Takaful Bhd, to provide protection and savings for future Hajj and Umrah pilgrims.
Jeyaprakash said the product would complement the individual's savings for the Hajj by providing customers with additional savings and takaful protection.
Meanwhile, PruBSN chief executive officer, Azim K Mithani said with the new product, the partnership between the two companies, has now six takaful products available, providing a strong foundation for future growth.
"Building on the relationship with BSN as a shareholder and distributor is crucial and vital towards growing our Bancatakaful business, while in line with PruBSN's aspiration to be the number one local takaful operator," he added.
Azim said the collaboration is expected to launch more takaful products early next year.
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