Speaking to reporters at the launch of the Giro Takaful Hajj, a new investment plan geared toward future Hajj and Umrah pilgrims, Winston Emmanual Jeyaprakash, deputy chief executive, said that the low penetration rate of takaful products against the high number of Muslim clients bolsters expectations of increased activity in the coming months. Takaful is an insurance concept that takes its roots from Islamic banking. The bank is expecting that its wealth business would account for 15 per cent of its total earnings next year. 

"I think takaful will be a very lucrative revenue for us to tap as an additional income stream," said Jeyaprakash. At present, 80 per cent of the clients at Bank Simpanan Nasional are Muslims.

Giro Takaful Hajj is a collaboration between Prudential BSN Takaful and BSN, in addition to the five takaful products they previously launched. More of the same products will be introduced in the next months, the Jeyaprakash said, but he declined to give further details.