Insurance, Islamic Finance, Malaysia, Research & Consultancy - Monday, September 14, 2009 22:59 - 0 Comments

IFR Asia Malaysia Islamic finance report: takaful

IFR Asia Malaysia Islamic finance report: Takaful, September 2009

Takaful is probably the area of Islamic finance that has received the least attention in Malaysia, but its rate of growth has been impressive. The net contributions income to takaful operators was RM1.12 billion in 2004; by 2008 it had almost trebled to RM3.03 billion. Over the same period takaful fund assets doubled from RM5.03 billion to RM10.57 billion.

Today there are eight registered takaful operators in Malaysia, compared to four in 2004; the latest batch of financial liberalization in April allowed for two more family takaful licences (licences fall into two categories, family and general) to be granted in 2009 to “players that can offer significant value proposition to Malaysia to spur the development of the takaful industry and reinforce Malaysia’s position as an international Islamic financial hub,” according to Bank Negara Malaysia. Bids are due in at the end of October. Continue…

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