Takaful BIBD Earns Record Profit
By Khairunnisa Ibrahim

Bandar Seri Begawan - The insurance subsidiary of Bank Islam Brunei Darussalam Berhad (BIBD) recorded a highly successful financial year in 2006, earning a profit nearly twice that of the previous year, said the managing director of the bank.

Hj Muhamad Syaippudin said that Takaful BIBD, which started operations in March 2001, earned a record profit of $1.4 million last year, an increase of 47 per cent from 2005. It currently has seven branches and several service counters around Brunei, with the main office based in Kiulap.

Some of the success factors for Takaful's notable performance were the high quality and proactive customer service provided by the staff and the innovative products offered at competitive premium rates, he added.

He was speaking yesterday at the launch of the subsidiary's Charity Carnival at the Rimba Middle School, which was officiated by Pehin Orang Kaya Hamzah Pahlawan Dato Seri Setia Hj Awang Abdullah, Minister of Development and Chairman of BIBD and Takaful BIBD.

According to Amiruddin Dato Hj Talib, the assistant manager of Takaful's sales marketing department, the carnival served as an educational roadshow about the Takaful BIBD's products and services.

He also related that the location of the carnival was a deliberate one, as the school is located near the Rimba Housing Scheme, which has more than 3,000 houses.

The carnival was also meant to spread public awareness about the need for risk management, and to cultivate a charitable and humanitarian culture in providing aid for those that have experienced an accident or loss, Haji Syaippudin said.

With the cooperation and involvement of the Fire and Rescue Department, the carnival at the same time served to educate the public about fire safety and awareness. The department set up an exhibition showcasing the department's role and functions, as well as possible causes of a fire.

There was also a fire safety demonstration by several officers on how to put out different kinds of fires using the correct fire extinguishers.

According to Amiruddin, fire safety and insurance was chosen as the theme for the carnival because of the recent spate of fires affecting houses and buildings in the country. Another reason was that Takaful BIBD was moving away from motor insurance - its most popular product and diversifying into other products, of which the Fire Takaful Scheme is one.

The scheme provides coverage for losses incurred by fire, as well as other accidents and disasters such as floods, lightning, earthquake and theft.  -- Courtesy of The Brunei Times

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