36 minutes
KUALA LUMPUR: PM Protected Cell Company Ltd (PM PCC), a subsidiary of the Melaka state government, has signed three memoranda of understanding (MoUs) worth RM30 million in gross premiums under the captive takaful or insurance segment.
The MoUs were inked with the Al Hidayah Group of Companies, Malaysian Community Care Foundation, and Malaysia Tanzania Business Association to introduce captive takaful or insurance programmes in the various organisations and countries involved.
Al Hidayah Group is a platform for promoting shariah-based cooperation in Islamic business development among eight countries -- Malaysia, Bangladesh, Egypt, Indonesia, Iran, Pakistan, Nigeria and Turkiye.
Melaka Menteri Besar Datuk Seri Sulaiman Md Ali (pix) said PM PCC would offer takaful and insurance programmes under the captive framework to organisations, companies, cooperatives, government agencies and bodies involved directly in their internal takaful and insurance requirements.
“Unlike with (external) insurance and takaful companies, captive takaful or insurance allows an organisation to independently design its own takaful or insurance requirements, formulate policies, coverage, and premiums or contribution rates holistically, and use expertise at the global level through more competitive re-takaful and re-insurance.
“The organisation will act and operate like a private or captive takaful or insurance company,“ he told the media after launching PM PCC today.
Also present were PM PCC chairman Dr Hasim Hasan, the Tanzanian Ambassador to Malaysia Dr Ramadhan Dau, insurance industry players, as well as subsidiaries and agencies under the Melaka government.
Sulaiman said the company would act as a manager of the risk review agenda for customers who are interested in changing their existing takaful or insurance programme to a captive takaful or insurance mode.
He said that this method would eventually determine the extent to which the captive takaful requirements of each organisation could be improved with a larger and more comprehensive coverage in addition to savings on the current premium cost.
“Organisations with existing takaful or insurance coverage can redesign their coverage plans through the expertise available under PM PCC, which will act as a facilitator and consultant to analyse all existing takaful and insurance programmes,“ he added.
Established on Jan 25, 2023, PM PCC is a subsidiary of Perbadanan Melaka Holdings Sdn Bhd and is registered with the Labuan Financial Services Authority. -Bernama
