This article first appeared in The Edge Financial Daily, on July 28, 2016.

KUALA LUMPUR: Syarikat Takaful Malaysia Bhd, which has appointed World Islamic Economic Forum Foundation secretary-general Tan Sri Ahmad Fuzi Abdul Razak as chairman, saw a 16.9% rise in net profit in the second quarter ended June 30, 2016 (2QFY16), on higher wakalah fee income.

Quarterly profit came in at RM45.53 million, compared with RM38.95 million in 2QFY15, its bourse filing yesterday showed.

Revenue came in 6.6% higher at RM462.21 million, against RM433.53 million in 2QFY15, mainly due to higher sales from both the family takaful and general takaful businesses, the group said. No dividend was declared for the quarter.

For the first half of the year ended June 30, 2016, its net profit gained 8.2% to RM92.16 million, from RM85.17 million a year earlier, as revenue improved 9.4% to RM1.09 billion from RM995.99 million.

On prospects, Takaful Malaysia said it would continue its value proposition of rewarding customers with 15% cash back for general takaful products and establish a strong foothold in the local insurance and takaful arena, as the preferred choice for insurance.

Meanwhile, the takaful group said Ahmad Fuzi will assume his new role as independent and non-executive chairman from Aug 1.

Ahmad Fuzi is also presently a director of Seremban Engineering Bhd, Maybank Islamic Bhd and Puncak Niaga Holdings Bhd.