Jul 03 2011
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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%.
CEO Wan Azman Wan Mamat could not release any details claiming that as yet preliminary numbers do not indicate any clear trend.
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