Indonesia ranks 5th in the global Islamic economy development,
according the Global Islamic Economy Report 2019/2020
Jakarta, 21 September 2020 – PT Sun Life Financial Indonesia (“Sun Life Indonesia”) and PT. Bank Muamalat Indonesia Tbk. introduce their latest sharia-based collaborative product, Salam Hijrah Proteksi. The product is introduced as a response to the increasing need of sharia-based financial products in Indonesia. Based on the findings of the Global Islamic Economy Report 2019/2020, spending on global halal products in 2018 was recorded at USD 2.2 trillion and will grow to USD 3.2 trillion in 2024. Furthermore, this report places Indonesia in the 5th (previously 10th) position in the global Islamic economy development.
Elin Waty, President Director of Sun Life Indonesia said, “In Indonesia, the halal industry and the sharia economy have become a basic need as well as a lifestyle that are increasingly accepted in today’s society. It is relevant to see how people’s preferences in consuming goods and services with halal and sharia principles continue to increase. The 2018 Indonesia Halal Lifestyle Center (IHLC) report noted that the consumption of Indonesian halal products and services in 2017 reached USD 218 billion.”
Elin added, “This fact encourages manufacturers and service providers to continue providing a wide selection of the best sharia-based products and services. Having said that, Sun Life – a pioneer in the Indonesian sharia insurance industry, together with Bank Muamalat – the first Islamic bank in Indonesia, introduces Salam Hijrah Proteksi. A new alternative insurance solution that is easy, affordable, and comprehensive. This solution demonstrate Sun Life Indonesia’s commitment to continuously deliver products that meet the needs of the company’s loyal partners and customers.”
Salam Hijrah Proteksi is a traditional life insurance product, offers various advantages that can be tailored to customer‘s needs. The advantages include affordable contributions with comprehensive insurance benefits, protection against risks caused by COVID-19, loyalty bonus benefit of 25% every 3 years, and a fast and easy application process without a medical examination.
Achmad K. Permana, Chief Executive Officer of PT Bank Muamalat Indonesia said, “Salam Hijrah Proteksi designed to answer to our customers’ needs for the best sharia-based insurance products. It is our joint-commitment with Sun Life Indonesia to ease people’s need for sharia insurance products through the bancassurance distribution channel. This means that Bank Muamalat will help market Salam Hijrah Proteksi offered by Sun Life, so that more people can enjoy the product’s benefits. Moreover, we hope that the partnership that we have established can continue to make a positive contribution in encouraging the growth of insurance penetration and inclusion, as well as the sharia economy in the country.”
The strategic partnership between Sun Life Indonesia and Bank Muamalat started in 2019, providing sharia-based financial planning solutions through distribution channels that best suit customer needs. Following the launch, the partnership launched unit link products that are equipped with waqf features to answer customer’s needs for protection, as well as facilitate them in their worship activities, especially in doing waqf.
“The Salam Hijrah Proteksi is designed specifically for Bank Muamalat’s customers, also equipped with additional insurance benefits tailored to customer’s needs, ranging from additional death benefits to daily inpatient benefits in hospitals and in the Intensive Care Unit (ICU). The various benefits presented are expected to be a sharia-based financial solution that can assist customers at every stage of their lives, so that they can have a peace of mind and will always feel protected, especially in the midst of uncertain conditions like these recent days,” Elin concluded.
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About Sun Life Financial Indonesia
Sun Life Financial Indonesia is a wholly owned subsidiary of Sun Life Financial. We offer a variety of products protection and management, from life insurance, education insurance, health insurance, and retirement plans. Sun Life partners with leading financial institutions, both national and international, to serve multi-distribution channel strategies and provide wider access to our insurance solutions.
Sun Life Financial Indonesia has won several prestigious awards in 2019 including:
1. The Best Unit Link 2019 - Salam Balanced Fund for Mixed Fund for 7 Years Period category from Majalah Investor
2. President Director of PT Sun Life Financial Indonesia, Elin Waty, was chosen as Most Inspiring Women from Majalah Globe Asia
3. My Sun Life Indonesia application gets the Top 3 Most User Friendly & Satisfying Application award from Majalah Gatra
4. Contact Center Service Excellence Award 2019 - Call Center award for Life & Health Insurance category which was held by Carre Center for Customer Satisfaction and Loyalty (“Carre CCSL”) and Majalah Service Excellence
5. Contact Center Service Excellence Award 2019 - Customer Service Email Centers award for Insurance category which was held by Carre Center for Customer Satisfaction and Loyalty (“Carre CCSL”) and Majalah Service Excellence
6. Five Star (Sangat Bagus) Rating for SLFI Xtra Progressive Fund for 10 Years Period from Majalah Infobank
7. First Rank Infobank Digital Brand Awards 2019 for Conventional Life Insurance Gross Premium Rp2.5 Trillion - under Rp5 Trillion category from Majalah Infobank
8. Indonesia Most Admired Companies (IMACO) Award 2019: Pilihan Generasi Milenial from Majalah Warta Ekonomi
9. Silver Stevie Awards for Innovation in Human Resource Management, Planning & Practice from Asia Pacific Stevie Awards
10. Top Unit Link 2019; Category: Insurance - Best Financial Product Award 2019 from Majalah Warta Ekonomi
11. Best Insurance Awards 2019 - Category Life Insurance with Asset Above IDR10 Trillion - IDR25 Trillion from Majalah Investor
12. The Highest Profit Growing Insurance Companies 2019 from Majalah Infobank
13. Best Financial Performance for Insurance Company with Assets Between Rp10-15 Trillion dan TOP 5 Financial Performances for Insurance Company with Assets Below Rp500 Billion from Wartaekonomi.co.id
14. The 2nd Rank Insurance Companies for Indonesia Best Companies in Creating Leaders from Within 2019 which was held by Majalah SWA
15. Employer of The Year (Bronze Winner) which was held by Human Resources Excellence Awards 2019
16. President Director of PT Sun Life Financial Indonesia, Elin Waty, was chosen as Most Admired CEO 2019: Excellent Leadership for Accelerating Business Performance from Wartaekonomi.co.id
About Sun Life
SLF Inc. is a leading international financial services provider company that provides a variety of insurance products, as well as wealth and asset management solutions, both for individuals and corporations. Sun Life has operated in a number of major markets throughout the world, namely Canada, United States, United Kingdom, Ireland, Hong Kong, Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia, and Bermuda. As of September 30, 2019, Sun Life had total assets under management of AUM 1,063 billion. For more information, please visit www.sunlife.com
Sun Life Financial Inc. traded on the Toronto stock exchange (TSX), New York (NYSE) and Philippines (PSE), with the SLF stock code.
For further information, please contact:
Chief Marketing Officer
Sun Life Financial Indonesia
Fax: +6221 5289-0019
 Full terms and conditions are set in the policy.