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CIMB Islamic Bank, Takaful Ikhlas General forge bancatakaful partnership

CIMB Islamic Bank Bhd. and Takaful Ikhlas General Bhd. have forged a strategic bancatakaful partnership to provide general takaful products and solutions to the Islamic bank's customers.

Under the partnership, Takaful Ikhlas General will be the the preferred general takaful provider to all CIMB Islamic Bank customers, according to an Aug. 7 release.

The two companies are jointly targeting growth of 168 million ringgit for the general takaful business, or 11% year over year over the next five years.

CIMB Islamic Bank is a unit of CIMB Group Holdings Bhd. and Takaful Ikhlas General is a unit of MNRB Holdings Bhd.

As of Aug. 7, US$1 was equivalent to 4.20 Malaysian ringgit.