Takaful is a co-operative system of reimbursement or repayment in case of loss, organised as a Shariah compliant alternative to conventional insurance.

Zurich Malaysia’s shariah-compliant insurance business – takaful – has appointed Nazrul Hisham Abdul Hamid as its chief executive.

Reporting to Zurich Malaysia country head Stephen Clark, Nazrul Hisham will be responsible for implementing and overseeing execution of Zurich’s strategic priorities to gain a stronger foothold in Malaysia’s general takaful segment, it said. The full name of this business arm is Zurich General Takaful Malaysia Berhad, Zurich Insurance Group said.

Nazrul Hisham has more than 25 years working in various roles, including 12 years in the takaful sector. Prior to joining Zurich Malaysia, he spent five years at Takaful Ikhlas Berhad, initially as chief business operations officer and later as chief operating officer managing operational units for the family takaful and general takaful businesses. Following the company’s composite takaful licence conversion, he led the family takaful sales and operations in his capacity as the chief operating officer for Takaful Ikhlas Family Berhad.

Zurich Malaysia is the name covering the Zurich Insurance Group business subsidiaries operating in Malaysia: Zurich General Insurance Malaysia Berhad, Zurich Life Insurance Malaysia Berhad, Zurich General Takaful Malaysia Berhad and Zurich Takaful Malaysia Berhad.