First product to evolve from an ABL project

The ABL Team for the PruBSN Aman project

Kuala Lumpur, 24 November 2020 – INCEIF is proud and pleased to share the news that a research conducted by our MSc in Islamic Finance students through the Action Based Learning (ABL) project has led our industry partner to launch a new takaful mobile application.

Prudential BSN Takaful Berhad (PruBSN) today unveiled PruBSN Aman. It is the first mobile application in Malaysia built on the foundation of the takaful concept of ta`awun (mutual cooperation) and peer-to-peer (P2P) providing simple, transparent and affordable protection and khairat benefits for its participants.

PruBSN Aman has a unique concept whereby the more participants join the community, the stronger the protection force will be among the participants. This is due to the mutual assistance effect that is optimally utilised and lasting longer.

PruBSN Aman also enables users to view real-time statistics, including the number of participants, claims amount and mutual account balance instantly. For a seamless payment transaction, participants can save their debit/credit card details in the app. Participants who wish to opt out from the plan, may do so effortlessly at any time and they will get back the remaining balance from their mutual account.

PruBSN Aman is now available for download on both Google Playstore and Apple App Store. For more details, go to www.prubsn.com.my/en/protection/prubsn-aman/

Assoc Prof Dr. Magda Ismail Abdel Mohsin, who was the mentor of the project, said, “We are grateful to PruBSN for entering into this exciting collaboration with us and for its various support that culminated in the launch of PruBSN Aman app. As a university, the opportunity to collaborate with the industry is invaluable, particularly for our students as they are placed in real situations to prepare them to thrive in the dynamic world. “

The six MSc in Islamic Finance students who undertook the project between January and July this year were:

  1. Afif Fahmi Rosli, Malaysia
  2. Abdul Aziz A Rahman, Malaysia
  3. Erfanul Alam Siddiquee, Bangladesh
  4. Noor A’in Murad, Malaysia
  5. Raha Mohd Yono, Malaysia
  6. Sadaf Sawant, Pakistan

“Developing and managing the feasibility study gave us valuable insights on the awareness level as well as knowledge of Malaysians when it comes to the concept of khairat, especially among the younger population. PruBSN Aman will empower more Malaysians to start early in preparing for unforeseen situations and the app definitely makes it easier for them to do so. This preparedness issue is more pertinent today as we face a prolonged health crisis caused by a global pandemic,” Dr Magda added.

The coronavirus pandemic has brought a lot of uncertainty to day-to-day life, prompting many people to examine their finances and find ways to prepare for the unexpected. Over the past few months, people have realised the importance of financial planning, particularly takaful/ insurance.

According to the ABL study, the rise in funeral expenses has resulted in an emerging awareness of the need of advance funeral planning for one’s own final journey. The khairat fund traditionally managed by a mosque is sustained via contribution from the community in the surrounding area, where some are already facing challenges in managing the expenses incurred. Through its digital P2P approach, PruBSN Aman can reach a wider segment that helps to ensure better governance and the sustainability of the scheme in meeting the objectives of the khairat fund.

To assist with the end-to-end funeral arrangements for its Muslim participants, PruBSN has also joined forces with MyAngkasa Mukmin, an established and highly knowledgeable group of experts in managing funerals according to Shariah laws and Muslim customs. Through PruBSN Aman, MyAngkasa Mukmin also offers funeral repatriation service to help facilitate the transfer of the deceased to their homeland.

End.

News from Malaysian Reserve:https://themalaysianreserve.com/2020/11/25/prubsn-launches-peer-to-peer-khairat-fund/

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