AmMetLife Takaful Signs Memorandum of Understanding with Yayasan Waqaf Malaysia

 Ariff Azhan Abd Ghani, Head, Distribution and Business Development, AmMetLife Takaful Berhad (extreme right) and Abdul Halim Mat Yusop, Manager, Projects and Business Development, Yayasan Waqaf Malaysia exchanging documents after the signing ceremony which was witnessed by Noor Azam Mohd Yusof, Chief Executive Officer, AmMetLife Takaful Berhad (second from right) and Dato' Prof Dr Sudin Haron, Chief Executive Officer, Yayasan Waqaf Malaysia (second from left).

16 August 2018, Kuala Lumpur - AmMetLife Takaful Berhad ("AmMetLife Takaful") and Yayasan Waqaf Malaysia ("YWM"), today signed a Memorandum of Understanding (MoU) to establish a mutual understanding on waqaf tunai arrangement.

Through this arrangement, any claim that arises from waqaf benefit offered by AmMetLife Takaful will be channelled to YWM for waqaf activities, on behalf of the participant. In addition, both parties are committed to raise public awareness on waqaf and takaful protection through community engagement initiatives, including awareness campaign and charitable activities.

The MoU Signing Ceremony was attended by Noor Azam Bin Mohd Yusof, Chief Executive Officer of AmMetLife Takaful Berhad, Dato' Prof Dr Sudin Bin Haron, Chief Executive Officer of Yayasan Waqaf Malaysia, top management of YWM and AmMetLife Takaful. The ceremony was held at Bangunan AmBank Group in Jalan Raja Chulan, Kuala Lumpur.

 Noor Azam Mohd Yusof, Chief Executive Officer, AmMetLife Takaful Berhad (fifth from right), Dato' Prof Dr Sudin Haron, Chief Executive Officer, Yayasan Waqaf Malaysia (sixth from right), Ariff Azhan Abd Ghani, Head, Distribution and Business Development, AmMetLife Takaful Berhad (fourth from right), Syed Anuar Syed Ali, Executive Vice President, Group Corporate Communications and Marketing, AmBank Group (third from right) and Abdul Halim Mat Yusop, Manager, Projects and Business Development, Yayasan Waqaf Malaysia (fourth from left), with the senior management of AmMetLife Takaful and Yayasan Waqaf Malaysia after the MOU signing ceremony.

This collaboration is in conjunction with the launch of Protect-i Budi by AmMetLife Takaful, a shariah-compliant regular contribution family takaful plan. This plan provides basic benefits in the event of death or total permanent disability of the Participant, funeral benefit as well as double indemnity upon death or total and permanent disability while performing Haj or Umrah. In addition to basic coverage, Protect-i Budi offers waqaf benefit rider which provides lump sum payment upon unfortunate events for waqaf purposes. This benefit is intended for the takaful participants to contribute to back society and earn rewards for the hereafter.

"As Muslims, we all believe that whatever we go through in this world will lead to the hereafter. As such, it is important for us at AmMetLife Takaful, to design a holistic takaful plan which considers the needs of Muslims, and not only benefits individuals but our community and religion too. The launch of Protect-i Budi and our collaboration with Yayasan Waqaf Malaysia shows AmMetLife Takaful’s commitment in finding innovative ways to make takaful protection to not only benefits your loved ones, but directly for yourself in the hereafter,” said Encik Noor Azam.

It is noted that the waqf instruments can be used as one of the activities to enhance the Islamic economy. Therefore, Yayasan Waqaf Malaysia (YWM), a national wakaf entity that develops waqf asset throughout the country, in collaboration with AmMetLife Takaful aims to increase awareness of cash waqf to the society. Previously, people were made to understand that only fixed assets can be used in creating waqf.

According to Dato’ Prof Dr Sudin Haron, "Cash waqf is becoming more popular among people whereby this method is more practical and user-friendly. Today, YWM and AmMetLife Takaful have agreed to collaborate in conjunction of the launch a takaful product which has combined the elements of waqf and protection namely Protect-i Budi. This product shows that Islamic financial instruments are meeting the needs of people while protecting and helping the less fortunate.

By participating in this product, the takaful participant can also donate a part of his protection (waqf) after death. The beauty of this product is not only it protects our loved ones but also benefits ourselves in the hereafter responded to the hadeeth of the Prophet Sollallahu 'Alaihi Wasallam: "When the son of Adam dies, his deeds come to an end except for three things: Sadaqah Jariyah as well as Waqf, A knowledge which gives benefit, or a righteous child who prays for him (the deceased)"”.