Malaysia Takaful

Zainudin said: “If the situation in the eurozone worsens and causes the reinsurers to hike their pricing, then the takaful and insurance companies including those in Malaysia would likely see higher prices for takaful and insurance products.”

Growth wise, he said the new Financial Sector Blueprint (2011-2020) would provide the impetus for the takaful industry to grow further by promoting access to other financial services sectors by introducing a range of directives, guidelines and best practices that would indirectly facilitate and drive its growth.

Among the recommendations in the blueprint were to develop a vibrant private pension industry for retirement and old age and the provision of wealth management products and services to cater to the demand of the growing affluent segment.

The industry experienced a compounded average growth rate of 27% in terms of net contributions between 2005 and 2010, with family takaful driving the growth at 28% for the same period.

Family takaful growth dominated over 80% of the total takaful market in 2010, and MTA was upbeat on the continued strong growth momentum, underpinned by rising affluence amid strong economic fundamentals.

Given the large untapped market that still exists with only 54% of the population having a life insurance or family takaful policy, the takaful industry was poised to benefit in years ahead, Zainudin added.

He said some of the major issues in the industry were inadequate investment instruments to meet the needs and demands of businesses as well as the shortage of talent.

Leaving Your Job

The reasons you stay in a job or career you don’t like are:

You’ve been conditioned to stay
The famed psychologist B.F. Skinner proved that being rewarded at random intervals (rather than on a fixed schedule) is a highly effective way to reinforce behavior. Our corporate employers do a wonderful job of keeping us coming back for more in our current roles, tightly weaving us into the fabric of the organisation by giving us little random rewards (a boss’ praise, a new plum client, an exciting new project, etc.)

You’re risk averse, now more than ever
We all know humans are risk-averse. Now, however, with online social networks and digital technology on the rise, your movements are far more visible. You fear looking bad in front of thousands of people if it doesn’t work out, so you stay put.

You don’t reach for the highest peak because you’re focused on scaling smaller ones
Finally, Mr. Gulati points out that a majority of professionals are focused on "winning" the prize in front of them (such as the next promotion or raise). They choose to scale the smaller peaks that emerge before them, rather than choosing a different terrain entirely and starting at the bottom of a new, higher mountain that may be much more satisfying and lucrative.

I agree 100% that these factors and behaviors inhibit our movement and growth. However, I believe this – these are all still excuses. Another way to look at these inhibitors to change is to see them as core fears such as: 1) I’m afraid to give up the small rewards I have for the ultimate ones I want – fulfillment and success; 2) I’m afraid of failing and being seen as a big loser; and 3) I’m afraid to stretch myself to the highest degree possible because it’s hard.

Yes, most people are afraid and resistant to make significant life or career change. But many still get over themselves, overcome their conditioning and push through. As the slogan says, They "just do it." I for one did it - underwent two career transformations, from miserable corporate VP to marriage and family therapist, and then from therapist to career and executive coach and consultant. And I’m so grateful I did. The majority of professionals I coach and train each year (numbering in the thousands) are changing jobs or careers too, with great success.

Why do these people quit their jobs or change careers, and why will YOU? Here are what I’ve found to be the top five reasons why professionals finally bite the bullet and make job or career change:

1) You’ve simply had it with what you have and what you’ve created
You wake up one day and realise, "I absolutely don’t want this anymore. I’m clear, and I’m done." There’s enough pain, discomfort, meaninglessness or disconnection in your work that you simply can’t continue this way one more minute. The small, random rewards you’ve been receiving over the years just don’t cut it anymore. You’re not seduced by them any longer.

2) You have the confidence and courage to do it
You’re smart and savvy. You’ve done your research about what’s involved to successfully change jobs or careers, and understand what it takes. You realise that, while your self-esteem has been rocked a good deal throughout these past years in this job, you still have enough confidence and grit to do what’s necessary.

3) Your eyes are wide open
You’ve learned an enormous amount throughout your jobs and the arch of your career. You’ve seen that it’s not just your job that’s making you miserable, but it’s YOU in your job that you want to change. You realise that getting on the path to making career or job change is exactly what’s required if you want to have a new kind of life.

4) You have the support you need

You know you can’t make this change alone. You need outside help that offers an empowered perspective of you, your talents, skills and passions. You know you need the support of key friends and family as well as those who will keep you accountable, and you have it.

5) You know there’s something more to this life, and that you deserve it
Finally, you know that this unhappy job (and simply paying the bills each month without any joy or fulfillment in your work) is not all there is to life. There IS more, and you’re hungry for it. The bell has been rung. Further, you know that you deserve it, because you understand that everyone deserves a fulfilling, joyful and successful life and career. You will get it because you will design it that way, from this day forward.

Meaning Of Integrity

A man, without his word, is nothing. In the business world and in your personal life, the same rules apply. In the corporate world, you should never be in a situation where you've let someone down because you should never promise anything in the first place. It's a business, not a freaking charity.

Don't mince words
I hate "cafones" or Wigglers that wiggle around a question that puts them on the spot. You ask him something and he'll say: "I don't know, maybe. I'll find out. We'll see." It's either yes or no.

The same principle follows when you make a promise. When you say "I promise" or "you have my word," it's a done deal. Period. You do as promised. That's it, that's all.
Only a stupid man would give his word or promise something he knows he can't deliver. The dumb wiggler who puts himself in this situation eventually has to lie and BS his way out of his promise to save face, but it's too late. In the eyes of the person he let down, his word means nothing now. It's like respect and trust; it takes a lifetime to get and it takes only one stupid move to lose it.

Give your word when you mean it
When you promise something, the other person must assume it's a done deal. Your word should be like currency. It's money in the bank for someone who is counting on it. That being said, you shouldn't dole it out over everything and anything, or it will lose its value. Because your word is like currency, you must give it only when the occasion is important enough to call for it. The person you are promising something to must be able to recognize that your promise has value. You don't give money out to every Tony, Dino and Nick do you? Why do the same with your word?

Admit when you can't do it
When you are faced with a situation that demands something of you (whether it's a favor, a contact, doing some job), and you know you can't deliver, admit it. Tell them you don't believe in false promises and bluffs. It's simple. Don't wiggle or skirt the issue. If, in the end, you can make good on whatever was asked of you, it will only make you look better in the eyes of the other person.

Fulfill your promise 100%
The first time you are asked for an important favor in which you must give your word, make sure you give it your 100% effort. First impressions count. I learn a lot about a man after I ask him for a favor. If he keeps his promise fully and completely without any hint of an excuse or hesitation, he has gained my respect. He set the tone properly from day one. So make sure you have the story straight on that first favor. You don't want to be calling back whoever you've made a promise to with questions two days later.

Never go back on your word
Even if you've been screwed over more times than a one-legged prostitute, you should never back down from your word. I don't care if you don't trust your own shadow. If you are in a situation where you have promised something, you do it. Period.

If you ask, assume it's done
Don't go busting chops on someone who promised you something either. Unless you have reason to doubt the person, when someone gives you his word, assume it's a done deal. If it isn't, you get over it in the moment and deal with it later. Hopefully, you know some background on this guy. You should know better than to ask a favor from a guy who is shadier than an oak tree.

A promise is a promise
There is no such thing as different degrees of promise. Either you do or you don't. This counts for the little things too. Either you are going to your friend's baby's baptism or you are not. You are either going to be there at 10 p.m. or you are not. Either you are going to give a guy a promotion or you are not. Capisce ?

Keep your rep intact
Keeping your word can save your reputation and even your life. If you are the type of guy whose word is truly golden, your reputation will reflect that. People will come to respect and trust you. There may be a day where you have to call up that ace. The day you owe someone money, or you screwed up, you might have to call upon your golden word to "promise to fix the problem." If your word has the value of used tissue, you are a dead man. If your word is respected, you might be allowed to fix whatever mess you've gotten yourself into. It's especially in situations like these that you should never break your promise.

Evoque Coupe

Gangster & Thuggery

GEORGE TOWN: Baljit Singh, Gerakan Human Rights Bureau, slammed Umno’s thuggery-style politics with regard to the anti-Lynas protest at the Esplanade Speaker’s Square here yesterday.

State Umno Youth chief Shaik Hussein Mydin readily admitted that the thugs involved in the commotion were Youth members from the Tanjung Umno division. During the anti-Lynas protest yesterday, the situation turned violent when the rowdy Umno Youth group gate-crashed the event.


Lee Hong Chun, 25, and Adam Chew, 29, from Kwong Wah Yit Poh, were hit on the head with helmets at the initially peaceful demonstration which turned ugly when pro-Lynas and anti-Lynas groups traded insults and started shoving one another.

Mis-selling Life Insurance

The recent (February 21, 2012) High Court decision in Tan Jing Leong v Allianz Life Insurance Malaysia Bhd ([2012] 7 MLJ 179) sounds a warning to insurance companies in respect of their duty to provide full disclosure when signing up policy holders to an insurance product.

The case concerned an investment-linked life insurance policy. Such insurance products typically provide life insurance cover to the policy holder, while at the same time giving some return from a part of the premium which is invested in unit trusts for the policy holder. The policy holder therefore stands to obtain an investment gain on his or her premiums while at the same time enjoying life insurance cover for the duration of the policy.

Gains from the investment over time can usually be appropriated toward premiums payable in future years, and so policy holders are often attracted by the prospect that if the investment element of the policy does well, the initial premium can turn out to be a one-time payment that is sufficient to cover future premiums payable throughout the subsequent years of the policy.

Facts
An insurance agent for insurer Allianz sold an investment-linked life insurance policy to the plaintiff. The agent was also a long-term friend of the policy holder. The plaintiff was aware that 45% of the premium paid would be allocated to investments. However, the agent had allegedly misrepresented to the plaintiff that, based on the past performance of the policy concerned, the returns from the investment portion would be enough to pay the balance premiums for the duration of the policy. The plaintiff consequently bought the policy in the belief that the initial premium would be a one-time payment.

When the plaintiff later discovered that the investment portion was insufficient to meet future premiums, he sought to avoid the policy and succeeded. The policy was found to have dwindled to approximately 10% of its original value.

Decision
In its ruling the court held that the agent had:

•positively represented that the gains from 45% of the initial premium that had been attributed to investments would be enough to pay future premiums; and
•failed to disclose that 55% of the premium paid was consumed as the cost for life insurance cover.
The court stressed that the agent had been a friend of the policy holder for about three decades and had previously sold him several policies while an agent for another insurance company. The agent had also apparently convinced the plaintiff to surrender one of these earlier policies in order to place funds into the Allianz policy.

Comment
The case draws into sharp focus the care, responsibility and professionalism expected of insurance agents, especially when selling insurance products to long-term friends. It also demonstrates that insurance agents who move to another insurer must be very careful when they approach their former customers to persuade them to buy new policies, especially if they recommend that an old policy be abandoned in favour of a new one.

Integrity

Today Ricky Ponting conceded his One Day International career over after 13,704 runs, 375 matches and 3 World Cups.

Throughout this sparkling one-day career, and cricketing career as a whole, Ricky Ponting has always been a polarising character. A marvelously gifted batsman and hugely successful captain, his unwavering commitment to doing things his way has made the Australian public either love him or hate him.

At times his captaincy’s been criticised and his temperament questioned, but like him or not, he’s been an exemplary leader and can be held up as defining three very valuable leadership qualities.

Integrity
What you saw with Ponting is exactly what you got. He didn’t muddle his words and was the same gritty, uncompromising character on the field as he was off it. Throughout his career there were skeptics questioning his honesty and character as captain, but if he appealed for a wicket, it’s because he thought it was out. No ifs or buts.

Integrity means being the same person inside and out. It’s saying what you do and doing what you say. Leaders with great integrity instil trust, and when people trust you they give you their best because they know they’re always going to get yours.

Its so Small

A 'Brookesia micra' chameleon on the matchstick head : Madagascar, March 16, 2007.

Why Must You Buy Life

Lesson 1
Life is short – Humans have much longer life spans than fruit flies, but do any of us really know how long we'll live? The truth is, none of us is promised a tomorrow. So if you have loved ones who would suffer financially if you were to die tomorrow, don't wait another day. Now is the time to purchase life insurance.



Lesson 2
Don't procrastinate – Let's face it. We all procrastinate. It's human nature. But when it comes to something as important life insurance, fruit flies know better than we humans. They're born knowing that life is short, so they act fast to protect the ones they love with life insurance.

Lesson 3
Don't gamble with your family's future – Cost is the most frequently cited reason for not buying life insurance. People say it's too expensive, but that's a common misconception. The fact is, life insurance has never been more affordable. The cost for basic term life insurance has fallen by about 50 percent over the past 10 years. When people say it's too expensive, what they really mean is that they're prioritizing other purchases over life insurance. If you need life insurance and don't own any, each day you're gambling with your family's financial future. Make today the day you stop being a gambler

No Word Just Tears

The Price Of Greed

Wu Ying, a tycoon once listed among the richest women in China, has come to her last hope of survival. The former 31-year-old billionaire, now on death row, is waiting for the top court's final review of her capital sentence, which was upheld by a local court last month, a few days ahead of the Chinese New Year.

Shen Ziming, the presiding judge of the case from the High People's Court of East China's Zhejiang province, told China News Service that the court endorsed the previous judgment after finding the defendant illegally raised up to 770 million yuan (US$122 million) from 11 lenders with the promise of high returns from 2005 to 2007, and hence should be "severely punished" for the apparent Ponzi-like scheme, as she has "brought huge losses to the nation and people with her serious crimes".

Shen said Wu concealed her debt to lenders and pretended to be financially powerful by "showing off jewelry and registering nominal companies".