Page 66 - Bank-Muamalat-AR2020

64 BANK MUAMALAT MALAYSIA BERHAD About Us Our Leadership Our Strategy
About Us
ANNUAL REPORT FY2020

CONSUMER

BANKING

Wealth Protection Non-Financial Products
In August 2020, the Bank formed a strategic business At Bank Muamalat, profitability is not the driving principle.
relationship with Takaful Ikhlas Berhad to provide Family As an Islamic Bank, we aspire to serve the community;
and General Takaful. Overall performance for the year and as part of our Value-Based Intermediation (“VBI”)
showed a marked improvement amidst a depressed market. commitment, we seek to deliver value-based initiatives that
Family Takaful was the major contributor with over RM6.8 offer our stakeholders benefits beyond profits. To this end,
million, or approximately 90% of total income. while we work to add value proposition to customers through
our financial solutions and services, Retail Investment’s
Family Takaful improved more than 176% due to strong non-financial products are designed towards uplifting lives
Personal Financing and Home Financing applications after and providing added security and peace of mind.
the moratorium in the third quarter of FY2020 while income
for General Takaful recorded an increase of over 66% y-o-y M-Jannah
with the main contribution coming from Fire Houseowner
policies which contributed over 90% towards the total income. Our M-Jannah offering affordable funeral management
services to the community, distraught families and those
who may not have the requisite knowledge and experience
pertaining to funeral arrangements. The digital innovation in
Takaful Income (RM Million) Islamic Estate Planning by our business partners contributes
towards reduced costs and allows for online registration and
2,466,693 6,826,090 465,642 773,314 2,932,335 7,599,404 325,815 633,284 self-management of the will, making it more attractive to the
community at large.
M-Jannah is a popular funeral management service provided
by the Bank with the aim of providing peace of mind to
bereaved families when a death occurs. Retail Investment
and its business partner, Bumijez, embarked on a digital
journey to circumvent movement restrictions during the
pandemic by providing online renewal services. The new QR
Family General Total Monthly
Average Income code feature is slated to be launched in FY2021 to further
FY2019 FY2020 provide convenience to our customers.
Total sales performance for FY2020 was recorded at RM1.07
million, registering an improvement of 69% y-o-y. Total cases
also registered a growth of 36% against FY2019, registering
8,283 cases during the year under review.

M-Jannah Cases

6,081 676
8,283 690

Total Cases Monthly
Average Cases
FY2019 FY2020