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March 26th, 2015
Press Release
Manulife Signs Long-term Strategic Bancassurance Partnership
with Bank Muamalat
Giving Bank Muamalat’s more-than-4-million clients and a country with the largest Muslim
population access to Manulife’s savings and protection solutions
Jakarta – Manulife and Bank Muamalat have signed a new, long-term strategic
bancassurance partnership. Bank Muamalat’s clients in Indonesia will have access to a wide
range of Manulife’s insurance solutions via Bank Muamalat’s extensive retail network in
Indonesia and other distribution channels such as telemarketing.
The strategic alliance builds on the leading presence, complementary strengths and
established bancassurance capabilities of both Manulife and Bank Muamalat in Indonesia, a
country with the world’s largest Muslim population. The new partnership is expected to
deliver significant value to the more-than-four million clients of Bank Muamalat. Clients will
benefit from the bank’s strong Islamic banking capabilities and a leading portfolio of sharia-
compliant insurance solutions from Manulife with life protection and long-term savings
elements.
Endy PR Abdurrahman, President Director of Bank Muamalat, explained that this
partnership will extend its ability to cater to their clients’ protection needs. “As the first sharia
bank in Indonesia, we are committed to providing our clients with financial services that
aren’t only sharia compliant, but also accessible to the whole society, including those in
remote areas. This partnership will surely open bigger new business opportunities for Bank
Muamalat.”
Manulife Indonesia’s Chief Executive Officer and President Director, Chris Bendl, added:
“We are delighted to be able to expand our reach to millions more clients through such a
strong, reputable and fast growing company as Bank Muamalat. Both Manulife Indonesia
and Bank Muamalat have a long proven track record of success and commitment to
Indonesia.”
At the initial phase of the partnership, Bank Muamalat clients will have access to six selected
Manulife sharia-compliant insurance solutions spanning the categories of life protection and
savings elements, such as term life insurance, unit link, personal accident, health insurance,
and credit life. More sharia-compliant insurance solutions will be introduced subsequently,
fulfilling the increasing demand of clients for insurance as part of their total wealth
management, including simple sharia life insurance products for mass market, sharia unit
link products for affluent customers, and sharia credit life.
Today’s announcement marks the completion of the agreement between Bank Muamalat
and Manulife to build a strategic partnership, following their earlier memorandum of
understanding in November 2014.
About Bank Muamalat
Bank Muamalat was established in 1991, initiated by Majelis Ulama Indonesia (Indonesian
Ulema Council) and the Indonesian government. Bank Muamalat started operating in May
1992 with support from Ikatan Cendekiawan Muslim Indonesia (Indonesian Association of
Muslim Scholars) and a number of Muslim entrepreneur. Bank Muamalat serves its
customers through 458 branches across Indonesia. Bank Muamalat is currently the only
Indonesian bank that has full branch operations in Malaysia. Bank Muamalat has more than
1500 ATMs and an e-channel service with comprehensive features to broaden accessibility
to customers.
About Manulife Indonesia
Established in 1985, PT Asuransi Jiwa Manulife Indonesia (Manulife Indonesia) is part of
Manulife Financial Corporation Group, a Canadian financial services group that operates in
Asia, Canada and the United States. Manulife Indonesia offers a wide range of financial
services, including life insurance, accident and health insurance, investment and pension
plans to individual and group clients in Indonesia. Through a network of more than 10,000
employees and professional agents spread across 25 cities, Manulife Indonesia serves more
than 2 millions client in Indonesia.
PT Asuransi Jiwa Manulife Indonesia is registered and supervised by the Otoritas Jasa
Keuangan (OJK).
For further information, contact:
Manulife Indonesia
Jeane Carolina
Telp: +6221 2555 7788 Ext. 641096
Email: [email protected]
Bank Muamalat
Oman Sukmana
Telp: +6221 251 1414 ext.560
Email: [email protected]