Manulife and Indonesia’s Bank Muamalat have signed a long-term strategic bancassurance partnership.
It will provide Bank Muamalat’s more-than-4-million clients access to Manulife’s savings and protection services
At the initial phase of the partnership, Bank Muamalat clients will have access to six selected Manulife sharia-compliant insurance products, such as term life insurance, unit link, personal accident, health insurance, and credit life.
The players said more sharia-compliant insurance services will be introduced subsequently, including simple sharia life insurance products for the mass market, sharia unit link products for affluent customers, and sharia credit life.
The strategic partnership Manulife Bank Muamalat follows their earlier memorandum of understanding in November 2014.
Bank Muamalat serves its customers through 458 branches across Indonesia.