Zurich Malaysia names a new CEO for one of its Shariah-compliant insurance businesses.
Shamsul Azman has been named the CEO of Zurich General Takaful Malaysia (ZGTMB), according to a media release sent out earlier today.
The insurer said the step is effective immediately, with Shamsul having a mandate to expand the general takaful business. Takaful is an insurance system set up to comply with Shariah laws related to the pooling of funds and investments. Shamsul reports to Junior Cho, the Zurich Malaysia Country Head.
Shamsul has around 30 years of experience in distribution, broking, bancassurance, underwriting, and claims.
«Extensive Experience»
«We are confident his extensive industry experience and expertise will prove instrumental in ushering in the next wave of innovation and sustainable growth for our general takaful business,» Cho indicated in the media release.
Cho was appointed country head for Zurich Malaysia in July 2021. The previous CEO of ZGTMB was Nazrul Hisham Abdul Hamid, who was appointed in March 2020. Nazrul became CEO of Zurich's other takaful business (Zurich Takaful Malaysia), in November 2021, succeeding Mukesh Dhawan, who had stepped down; he had been appointed in 2015.
Malaysia Operations
ZGTMB offers Shariah-compliant takaful products including motor, travel, property and financial risk coverage for individuals, small- to medium-sized enterprises (SMEs) and large companies. The Zurich Insurance Group also sells conventional general insurance products in Malaysia through its Zurich General Insurance Malaysia subsidiary.
For the six months ended 30 June 2021, ZGTMB reported a net profit of MYR14.15 million ($3.35 million), up from MYR9.11 million in the first half of 2020.
Zurich Malaysia is one of only two insurers in Malaysia holding all four insurance and takaful licenses: Family takaful, general takaful, life insurance and general insurance, the release indicated.
