JAKARTA - Great Eastern Life Indonesia and PT Bank Muamalat Indonesia Tbk announced a strategic partnership marked by the launch of Sharia insurance products for Bank Muamalat’s customers that make loans for financing (credit life) under the name Asuransi Great Hasanah Pembiayaan.
"We are very proud to be able to establish a strategic partnership with Great Eastern Life Indonesia. This product is a symbiosis of excellent mutualism and an added value for our financing customers. We are optimistic that along with the growth of company financing, the need for this product will also increase," said Director of Retail Business of PT Bank Muamalat Indonesia Tbk Purnomo B. Soetadi in a release.
Asuransi Great Hasanah Pembiayaan offers several main advantages, namely simple, with just one contribution payment, customers can get protection against the risk of death during the financing period. Secondly, giving a sense of peace to the family because Great Eastern Life Indonesia will pay off the remaining financing made by the Customer if there is a risk of death during the financing period.
Based on data released by the Sharia Non-Bank Financial Industry (IKNB), there was a decline in Islamic financial inclusion from 2016 to 2019 from 11.1% to 9.1%. This is due to the fact that there are still many Indonesians who do not understand sharia finance. Therefore, it is expected that through the strategic collaboration carried out between Great Eastern Life Indonesia and Bank Muamalat can encourage penetration of sharia life insurance in Indonesia. (LM)