July 16, 2024

New Malaysia Times

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KUALA LUMPUR, Oct 6 — MyANGKASA Amanah Berhad (MAAB) has expanded the marketing of its will writing services and referrals for inheritance administration cases by signing a Memorandum of Agreement (MoA) with Bank Islam Malaysia Berhad (BIMB).

In a statement, MAAB, a wholly-owned subsidiary of Angkatan Koperasi Kebangsaan Malaysia Bhd (ANGKASA) said through this collaboration it will act as a service provider in the field of property inheritance, especially in the writing of wills and inheritance administration.

Meanwhile, BIMB will act as an intermediary to market MAAB products, especially Basic Wills and Inheritance References to existing and new customers.

ANGKASA president Datuk Seri Dr Abdul Fattah Abdullah said he hoped the collaboration would increase public awareness about property planning and reduce the issue of frozen assets, especially among Muslims in the country.

“MAAB has achieved a gross income of RM13 million and has registered nearly 250,000 cases relating to wills, with an estimated value of assets worth about RM125 billion.

“There are a total of 728 files regarding inheritance matters, while the value of trust accounts held by MAAB, including individual, corporate and inheritance trust accounts of minors, is around RM250 million,” he said.

The statement also said the initiative was in line with BIMB’s vision to compete by using an open service approach and digitisation in service delivery aimed at ensuring that BIMB’s sales team can promote a variety of products that suit customer needs.

Apart from this, BIMB is confident that it will increase competitiveness in the national banking industry and strengthen BIMB’s position as a major player in Islamic financial services in Malaysia by presenting more product and investment options to customers.

Meanwhile, MAAB chairman Datuk Mohamad Ali Hasan is confident MAAB can take further steps to ensure that the 2023 revenue target of RM13.3 million will be achieved with strategic cooperation with BIMB today.