Manulife Indonesia And Bank Mualamat Launch First Bancassurance Product

Manulife Indonesia and Bank Muamalat have announced the launch of Zafirah Save Link, a sharia-compliant, unit-linked plan, which is the first product launched under their Bancassurance brand “Zafirah”.

The launch marks the beginning of a long-term strategic partnership between the two companies, following their earlier memorandum of understanding in November 2014.

Zafirah Save Link is a unit-linked life insurance product with a focus on saving regularly for a secure future. It is designed for those who seek insurance protection under sharia principles and invest in sharia compliant funds.

Endy PR Abdurrahman, President Director of Bank Muamalat, said: “The launch of Zafirah Save Link is part of Bank Muamalat's continuing effort to provide our customers with a comprehensive range of products and services which meet their financial needs. We are confident that the diversification of our products will enhance our competitive edge, which in turn, will increase the loyalty of customers towards Bank Muamalat.”

Manulife Indonesia’s CEO & President Director, Chris Bendl, added: "We are delighted to partner with Bank Muamalat and to offer our comprehensive range of insurance and savings solutions under the Zafirah brand. We are confident that the partnership will be successful given the bank’s broad network of more than 450 branches nationwide and large customer base of more than 4 million retail clients.”

Hans de Waal, Executive Vice President & Chief Partnership Business Officer of Manulife Indonesia, added, “Bank Muamalat is a quality name in the local sharia banking market and their customers demand world class savings and protection solutions. We have worked together closely to ensure that this product can meet their customers’ needs.”

Bank Muamalat and Manulife Indonesia will continue to offer a wide range of bancassurance products to fulfill the increasing demands of clients for total wealth management solutions. More sharia-compliant insurance solutions will be introduced subsequently, including simple sharia life insurance products for the mass market, term life insurance, and sharia mortgage life insurance.


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