Being an agent in the takaful industry has always been one of the most anticipated ways to earn additional cash flow for most Muslim individuals since Takaful is subject to compliance with Sharia and government laws. With the rising cases of COVID-19 throughout the pandemic, most Muslims have been on a constant lookout for agents and companies who offer Takaful funds.
Understanding it as a “Pain Point” in the Takaful industry, Ikhlas Tijarah Sinergi Associate PLT, noticed the high demands of Takaful funds and decided to take this opportunity to dive deep into this Takaful industry in 2019. Iktisas introduced Business Owner Synergy System (BOSS) as a product to provide HR development, recruitment training, and competence building for entrepreneurs as assistance to start their own Takaful companies at zero cost. Other than providing training and assistance in building a company, Iktisas also works together with Takaful Companies such as Takaful Ikhlas to market their product and services to the public. This system by Iktisas intended to encourage the public to join the Takaful industry as a company instead of being an agent, leveraging on the remuneration system.
Registering the company with the Iktisas’s BOSS system will allow entrepreneurs to understand financial cash flow, solve financial statements, make monthly reports, and leap into digital marketing, as Iktisas will groom and train these companies to build their own legacy in the long run. Another unique point of the BOSS system is that they will evaluate the competency of a company and decide whether is it better to inherit the business to the successor or sell the company to interested buyers after the passing of the owner.
To prove its legitimacy and ensure that the business is recognized by the government, registering entrepreneurs must ensure that their company is filed under the Companies Commission of Malaysia (SSM), as a step for them to join Iktisas. Once recruited by Iktisas, the companies are required to report four successful takaful cases and one recruitment under the M4R1 program. Other than the M4R1 system, Iktisas also introduced two other programs such as
- Simple Easy Effective Duplicable (SEED), where they will provide the easiest structure and programs that can be easily trained and understood for the recruited companies
- Together Everyone Achieves More (TEAM) to promote teamwork in the organization.
Being in a regulated industry such as the Takaful business, share partners of Iktisas are required to own a license by taking the Takaful Basic Examination by Bank Negara Malaysia and Malaysia Takaful Association, mastering the fundamentals of Islamic financial planning with financial planning certification.
To understand the journey of Iktisas, Syahrunizam bin Shahwan, CEO of Iktisas, shared his journey of building his empire in this Takaful Industry. Established in 2018, Iktisas started the business with 237 individuals in the first year as they brought home RM 3.2 million in revenue. In 2019, Iktisas managed to attract 1,200 individuals to be included in their business model while making a hefty RM13 million in 2019. As of now, Iktisas successfully recruited 2000 individuals with RM8 million in revenue.
Being the third award received throughout the years, Mr. Syahrunizam was honored to receive such an award from SEBA. He added that the SEBA award definitely provided recognition, especially in the northern region. With that said, Mr. Syahrunizam also believes that the SEBA award also eased the process of expanding the business model throughout Malaysia and soon hit the international market, namely, the ASEAN region. Hence, Iktisas is actively on the hunt to find a Takaful company that shares the same vision and mission to expand its wing globally.