Page 95 - Full Book_24.4.2021

In Retrospect

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The Will to Suceed

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Continued Synergies costs, complementary resources and technological transfers.
Coopetition initiatives on the SME Vendor Financing Platform
Synergies and collaborations between the business entities, such have been embarked on by the Bank to realise process
as the banca assurance arrangement between Bank Islam and improvements. Moving ahead, the Bank plans to leverage Digital Achieving a Leading Repute
Takaful Malaysia, will continue to be fortified and improvised for Islamic Financial Accelerator (“DIFA”) strategy to encourage and
both parties’ benefits. incubate the development of Islamic fintech solutions through
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coopetition with fintech partners. This digitalisation agenda is
As a direct subsidiary of Bank Islam, BIMB Securities will be in a
better position to achieve its target 50:50 revenue percentage embedded within the Bank’s VBI strategy.
contribution from Institutional and retail client. This can be done On this front, our takaful business is reputed as a pioneer and early
by leveraging Bank Islam’s clientele to grow BIMB Securities; adopter of online distribution and new digital technologies, as Paving the Way for a Sustainable Future
institutional and retail dealing brokerage business, both epitomised by the online Click for Cover sales portal that supports
domestically and foreign, as well as the provision of fee income our distribution channels. Digital and technological capabilities
from AMSMF to ensure sustainability. have enabled Takaful Malaysia to maintain uninterrupted
business services to all sales intermediaries, bank partners, and
A Digital Focus
customers despite the pandemic. This situation will continue
Technological advancement has indeed changed the landscape in the future and to date, Takaful Malaysia already has a wide
of communication between financial institutions and users. range of affordable online takaful solutions that customers can 91
Fintech is growing, along with InsureTech and other related easily access at their fingertips. The company have also increased
technological solutions. A growing tech-savvy customer base is social media presence to cross-sell its online products, primarily
readily accepting these technological advancements and even targeting customers who may not have access to intermediaries
increasingly expecting them to be offered in the marketplace. for face-to-face selling.
Embracing the latest technologies is therefore crucial in
improving our functions and facilitating customers’ loyalty and In sustaining its market-leading position and support business Adhering to the Best Governance Practices
engagement. growth and customer-centricity, Takaful Malaysia will continue
with its innovative strategies via the implementation of its digital
The restructuring encourages Bank Islam’s pursuit of technological strategy, online solutions and digital ecosystem, expansion of
advancements by allowing the Bank to better position itself in its distribution capabilities, strategic partnerships with leading
the Islamic finance and Islamic capital market and, capitalise on Islamic banks and brand awareness initiatives. |
both markets’ growth to expand the current customer base.
BIMB Securities has accelerated its digitisation initiative that
The Bank also remains open to any viable option for would facilitate lesser face-to-face time with its clients. These
collaborations or partnerships with the fintech companies in include the development of new mobile application for online Laying the Foundation for Financial Growth
creating opportunities to cross-sell while enjoying reduced trading featuring paperless account opening form and digital
signature, all of which are targeted for launch by mid-2021.

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Additional Information & Disclosure Summary

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24 th AGM Information