Renewed interest in the halal lifestyle propelled the surge in demand for sharia-based financial services, and with a market that is currently valued at IDR146.12t (US$ 9.3b) and accounting for 5.62% of the market share, insurers in Indonesia are paying closer attention.
In line with the vast opportunities available, Allianz Indonesia launched Allianz Syariah as a separate entity in November 2023 in order to offer inclusive products in accordance with local values and customer needs.
According to Achmad K. Permana, President Director of Allianz Syariah Indonesia, their company will strive to highlight the concept of mutual assistance in Sharia insurance, a financial system that has already been embedded in Indonesian culture for generations.
“With these familiar values, our hope is that we can more easily provide a good and accurate understanding of our products to the Indonesian society, both Muslims and nonMuslims,” Permana told Insurance Asia.
Aligning with Sharia principles
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