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Islamic Finance Briefing - Categorized | Insurance (Takaful), Performance more

Takaful: Malaysia soars

Posted on 04 July 2011

Malaysia is on course for a ‘quantum leap’ in Takaful growth according to Bank Negara Malaysia’s Azleena Idris. With four new family Takaful licenses granted this year, Malaysia now has 12 Takaful operators pursuing the underserved market; only 54% of the 28.5m population has conventional or Takaful cover.

Takaful makes up only 9% of total assets of the insurance and Takaful industry combined but saw growth rates of 27% per annum between 2005-2010. Mohd Jafni Abd Jalil, Etiqa Takaful’s head of life agency development, told The Islamic Globe that Etiqa was keen on improving uptake among non-Muslims, which currently stands at 30%……………………………………….Full Article: Source

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