Takaful Malaysia, officially known as Syarikat Takaful Malaysia Berhad, is a pioneering provider of Islamic insurance (Takaful) in Malaysia. Established in 1984, it holds the distinction of being the first Takaful operator in the country. The company operates in compliance with Shariah principles, offering a comprehensive range of protection and financial solutions for individuals, families, and businesses.
Takaful Malaysia is a trusted name in the industry, known for its commitment to delivering ethical, transparent, and customer-centric services. Its offerings include general and family Takaful plans designed to meet the diverse needs of its customers while aligning with Islamic values. By emphasizing risk-sharing and mutual cooperation, Takaful Malaysia provides an alternative to conventional insurance that resonates with those seeking Shariah-compliant financial solutions.
Core Principles and Offerings
The company operates on the principles of Ta'awun (mutual assistance) and Tabarru' (donation), where participants contribute to a pooled fund used to support those in need. This unique risk-sharing model reflects the essence of Islamic finance, fostering a sense of solidarity and shared responsibility among participants.
Takaful Malaysia’s products include:
- Family Takaful: Coverage for life, health, education, and savings needs.
- General Takaful: Protection for assets such as homes, vehicles, and businesses.
- Corporate Solutions: Customized plans for businesses, including employee benefits and group Takaful.
Innovation and Leadership
As a market leader, Takaful Malaysia continuously innovates to enhance customer experience. It was the first in the Takaful industry to introduce a Cash Back benefit, rewarding participants with a share of surplus funds for making no claims during the coverage period. The company also leverages digital platforms to simplify policy management and claims processes, ensuring greater convenience for its customers.
Commitment to Growth and Sustainability
Guided by a vision to be the preferred choice for Takaful solutions, Takaful Malaysia is committed to promoting financial inclusivity and empowering communities through its products and services. The company plays a significant role in supporting Malaysia’s Islamic finance ecosystem while contributing to sustainable economic growth.
A Roadmap for Inclusive Growth
Launched in Kuala Lumpur, the Hijrah27 framework outlines eight strategic thrusts aimed at strengthening the takaful sector. These include digital innovation, enhanced regulatory governance, and promoting environmental, social, and governance (ESG) values. The roadmap builds on four decades of the industry's progress, anchoring the next phase on sustainability, innovation, and impactful societal contributions.
MTA Chairman Elmie Aman Najas emphasized the sector’s remarkable growth, with assets more than doubling in the past decade from RM23 billion in 2014 to RM55.6 billion today. This progress has fueled Malaysia’s economy, supporting critical sectors like technology, infrastructure, and healthcare.
“The growth in registered takaful agents by 37% to 108,158, coupled with a penetration rate increase to 20% from 15% in 2015, highlights the industry’s collective efforts and broader participation,” Elmie noted.
Key Objectives of Hijrah27
- Reaching Underserved Segments: A primary goal of Hijrah27 is to provide greater access to takaful protection for micro, small, and medium enterprises (MSMEs) and underserved communities.
- Innovation and Awareness: The framework emphasizes product competitiveness, digital distribution channels, and comprehensive public awareness initiatives.
- Sustainable Practices: Aligning with ESG principles, the framework seeks to integrate societal values into the industry.
Elmie further stressed the vision of making takaful more inclusive and responsive to Malaysia’s diverse population, ensuring every citizen has a robust social safety net.
Building on Previous Achievements
Hijrah27 builds on the earlier ISLAH23 Reform Plan, aligning with the Financial Sector Blueprint 2026 and the Value-Based Intermediation for Takaful (VBIT) framework. This ensures the takaful industry is aligned with national objectives for sustainable financial growth.
Malaysia’s Regional Role
Bank Negara Malaysia (BNM) Deputy Governor Adnan Zaylani Mohamad Zahid highlighted Malaysia’s leadership in takaful and retakaful sectors. As the 2025 chairman of ASEAN, Malaysia is well-positioned to drive regional initiatives that foster sustainable growth and benefit communities across Southeast Asia.
Adnan noted, “Malaysia’s leadership in takaful places it in a prime position to champion collaborative efforts and advance long-term regional development.”
With the launch of Hijrah27, the Malaysian takaful industry aims to sustain its growth momentum while creating meaningful social and economic impacts for all Malaysians.
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