Prudential BSN Takaful and Standard Chartered Saadiq have signed a partnership agreement that will see an expanded distribution network for both firms' shariah-compliant investment products in Malaysia.

With the tie-up, StanChart Saadiq will begin offering three new takaful investment-linked plans underwritten by PruBSN, namely SmartEdu-i, FirstHorizon-i and LifeLink-i. Takaful refers to the insurance concept that operates under Islamic banking guidelines.

"As we move into wealth management, offering takaful products is a natural progression to meet the needs of our customers," said Wasim Saifi, chief executive of Standard Chartered Saadiq.

Under the FirstHorizon-i programme, clients will receive one-off cash rewards as they accomplish life milestones. Those subscribed to the SmartEdu-i are also entitled to receive bonuses for their children's academic achievements.

Prudential BSN Takaful is a partnership between Bank Simpanan Nasional and Prudential Malaysia. StanChart Saadiq is the Islamic finance arm of Standared Chartered that offers personal banking, priority banking and SME and wholesale banking services.