Despite the upheavals that plagued the global economy over the past two decades, Insurans Islam TAIB in Brunei has thrived in the country as it adapted to a fast-evolving industry.
A subsidiary of TAIB (Perbadanan Tabung Amanah Islam Brunei), Insurans Islam TAIB is the first financial institution in Brunei Darussalam to offer “takaful,” or Islamic insurance, and conduct its activities in accordance with Shariah law.
Fully aware that its business is built on trust, Insurans Islam TAIB has gained the confidence of its customers because of the stability and growth shown by its parent company and the country’s positive economic prospects despite a slump in global oil prices.
“Oil prices have plummeted, but there is hope that they will increase. It is our principle to try hard and not get despondent about anything,” said Managing Director Osman Jair.
Although vehicle insurance accounts for the bulk of its business, the insurance firm is unfazed because it has built up a wide clientele of commercial clients, whose numbers are rising amid a boom in entrepreneurship.
Aside from its traditional activities, Insurans Islam TAIB has also formed a financial literacy and awareness subcommittee to educate the public about insurance and risk management. It also participates in international conferences to meet other industry players and gain knowledge of new products and services that it can offer its fellow Bruneians.
Insurans Islam TAIB’s growth has also involved investment in the latest technology. It implemented a new insurance management system that raised the efficiency of its workforce and improved customer service.
“We want to be more connected through IT and also make our staff and Bruneians understand the future of the insurance industry,” Osman Jair said.