TCS completes first phase of world’s first Takaful Integrated System
December 20, 2004

TCS has completed the first phase of the design and development for the US $2.3 million IT project to build and develop a comprehensive Islamic insurance solution called Takaful Integrated System for Syarikat Takaful Malaysia Berhad

Tata Consultancy Services Malaysia Sdn. Bhd, a wholly owned subsidiary of Tata Consultancy Services (TCS), announced the completion of the first phase of the design and development for the RM $8.7 million (US $2.3 million) IT project to build and develop a comprehensive Islamic insurance solution called Takaful Integrated System for Syarikat Takaful Malaysia Berhad (Takaful Malaysia).

Takaful Malaysia and TCS will work together to bring the system to Takaful Malaysia’s subsidiaries branches and associates in South Asia and Middle East, as well as other Takaful operators in the Islamic insurance business. The system is expected to be fully operational by mid-2005.

“Keeping with our primary goal of establishing the best system that can be used by all Takaful operators globally, irrespective of their business model and accounting practice, our approach was to outsource to an expert that could also be a good working business partner,” said MD, Azmi Abu Bakar, chief operating officer, Takaful Malaysia. “We are honored to work with TCS in developing this system.”

The Takaful Integrated System will be built on a highly portable J2EE (Java 2 Platform, Enterprise Edition) architecture and will automate Takaful Malaysia’s business processes such as policy administration and claims processing. The reduction of paperwork and streamlining of business processes will free Takaful Malaysia’s 1,500 employees to enhance service levels to individual and corporate customers through various delivery channels, such as automated teller machines, the Internet, integrated voice response systems and SMS (short messaging system).

“We’ve reached a crucial milestone — we’ve completed the blueprint for a new breed of insurance systems, and now we can start building,” said Girija Pande, regional director and head for TCS Asia Pacific.

Takaful Malaysia is the first takaful operator to offer takaful businesses in Malaysia and was established from recommendations given by the Malaysian government’s Special Task Force on the “Study for the Establishment of an Islamic Insurance Company (Takaful)”.

Tata Consultancy Services Malaysia Sdn. Bhd., a MSC (Mutimedia Super Corridor) Status company, will oversee the planning, implementation, testing and end-user training, while TCS’ offshore centres in India will manage the Capacity Planning, Design, Development and Data Migration for this project.

About Syarikat Takaful Malaysia Berhad
Syarikat Takaful Malaysia Berhad, incorporated on 29 November 1984, has an authorised capital of RM 500 million and a paid up capital of RM 143 million. It has been converted into a public quoted company with the listing of its shares on the Main Board of Malaysia Securities Exchange Berhad (MSEB) since 30 July 1996. As a subsidiary company of BIMB Holdings Berhad, 74.25% of its equity is held by the BIMB Holdings Berhad. Other major shareholders are the Employees Provident Fund Board (EPF), Lembaga Kemajuan Tanah Persekutuan (FELDA), the State Islamic Religious Councils of Terengganu, Pahang, Negeri Sembilan and Perlis; Amanah Saham Darul Iman, Amanah Saham Sarawak and Lembaga Tabung Haji.

About Tata Consultancy Services (TCS)
Tata Consultancy Services (TCS) is the world leading information technology consulting, services, and business process outsourcing organization that envisioned and pioneered the adoption of the flexible global business practices that today enable companies to operate more efficiently and produce more value.

TCS achieved this by creating and perfecting a unique method of global deployment and delivery of high quality, high value services and products in IT consulting and business process outsourcing. Known as the “Global Delivery Model,” this strategic services delivery concept has reshaped the IT services industry.

More than 75 per cent of TCS customers reward the company’s reliability, passion, creativity, and unique ability to handle the broadest range of their IT needs by continually extending and deepening their partnerships with TCS. With over 36,000 of the world’s best trained IT consultants located in 32 countries, TCS is uniquely positioned to deliver its flexible world class services seamlessly to any location.

TCS reported consolidated revenues of $1.56 billion (U.S.) in the fiscal year 2003-2004. The company is listed on the National Stock Exchange and Bombay Stock Exchange in India.