Malaysia soars

03 July 2011
Malaysia is on course for a 'quantum leap' in Takaful growth according to Bank Negara Malaysia's Azleena Idris (pictured) at last week's World Takaful Conference in Kuala Lumpur.

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.

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

© The Islamic Globe 2011