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Malaysia: 18% growth for the Malaysian Takaful Industry in 2022 as Demand Rises

"We are witnessing a strong demand for takaful products, as more and more Malaysians recognise the importance of protecting themselves and their families against financial risks," said Mr. Elmie Aman Najas, the chairman of the Malaysian Takaful Association (MTA). Mr Najas announced this while reviewing the Malaysian Takaful sector's performance in 2022 during the MTA-media iftar and takaful industry performance announcement at Kuala Lumpur Golf & Country Club (KLGCC) on the 12 of April, 2023.

Notably, the Takaful industry achieved an 18% growth while its market share of net contributors rose to 23%. MTA attributed the industry's favourable growth to numerous causes, including the increasing popularity of takaful products among customers, the launch of innovative products, and the implementation of digital technology to improve service delivery.

Based on the number of certificates in force against the entire Malaysian population, Family Takaful attained a penetration rate of 20.1% in 2022, up from 18.6% the previous year.

In 2022, the General Takaful business contributed RM4.64 billion in Gross Direct Contributions, while the Motor Takaful business contributed RM3.07 billion, and the Fire Takaful business contributed RM0.84 billion.

Motor Takaful maintained its lead in the General Takaful portfolio mix at 66.2% [2021: 66.4%], followed by Fire Takaful at 18.2%.

Even though Malaysia is currently in the post-covid recovery phase, MTA remains optimistic that the Malaysian Takaful business will continue to flourish in 2023. In this vein,  Mr Najas stressed,

Despite a challenging outlook, I can assure you that takaful operators remain focused on providing reliable and comprehensive protection to individuals and businesses… We are confident that the industry will continue to play a vital role in supporting the growth and development of the Malaysian economy.

According to the Islamic Financial Services Board (IFSB), Malaysia has the third-largest takaful market in the world, with a thriving Islamic finance ecosystem that includes Islamic banks, sharia-compliant corporates, Islamic fund managers, and halal sectors seeking takaful goods.


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