Allianz launches new Sharia entity

The launch event was held on Nov. 16

Allianz launches new Sharia entity

Insurance News

By Abigail Adriatico

Allianz had launched the newly established PT Asuransi Allianz Life Syariah Indonesia, as reported in an article by The Jakarta Post. This was part of their commitment to provide services that catered to the values of Sharia goodness and to expand its presence in the Indonesian market.

The launch event was held on Nov. 16 and was inaugurated by Vice President Prof. Dr. (H.C.) K. H. Ma'ruf Amin.

The event was also attended by commissioner board of the Financial Services Authority (OJK), Ogi Prastomiyono, the chief executive of insurance supervision, suretyship, and pension fund, Alexander Grenz, the country manager and CEO of Allianz Life Indonesia, and Achmad K. Permana, the CEO of Allianz Life Syariah Indonesia.

“There are $2 trillion in Sharia-compliant assets around. And the market is growing at 10 to 12%. So, it's not surprising that a company like Allianz also tries to access this very interesting and dynamic market segment,” said Ina Lepel, the German ambassador to Indonesia HE.

The Financial Sharia Development Report by the OJK had stated that the Sharia economy experienced significant growth until the end of 2022 with the asset growth of the Sharia non-bank financial industry (IKNB) reaching 20.88%. Sharia life insurance had accounted for 5.62% of the market share.

Anusha Thavarajah, the regional chief executive officer of Allianz Asia Pacific, said that Allianz’s presence in 15 markets were a testament to the firm’s inclusivity as it catered to markets with varying cultural, religious, and economic values. She was recognized as one of the Inspiring Female Leaders in Insurance in Asia. Read the full list of winners in the special report here.

Grenz said that Allianz began its first sharia business unit in 2006 and saw demand evolve throughout the years. With Allianz Sharia being launched as a separate entity, he said that it will be able to provide more opportunities to touch base with customers.

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