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%.
Takaful Ikhlas has indicated that it, too, hopes to penetrate the non-Muslim segment. However AIA AFG Takaful, a JV between AIA and Alliance Bank, told The Islamic Globe that their focus was on building their Muslim clientele.
© Copyright Zawya. All Rights Reserved.