Elmie presenting a memento to a representative of the event sponsor as Radzuan looks on. – BernamapicThe takaful industry in Malaysia has achieved a major milestone, with total assets reaching RM52.3 billion as of June, said Malaysian Takaful Association chairman Elmie Aman Najas.
“Takaful operators now account for 32% of the insurance and takaful market in Malaysia, contributing approximately 4.5% to the nation’s GDP in 2023,” he said at the Takaful Leaders and Agents Summit 2024 today. Despite these accomplishments, Elmie said, challenges remain as the penetration rate for takaful in Malaysia stands at just 20%, with only two out of ten Malaysians covered by takaful plans. “Achieving our target of 75% penetration will require significant efforts, collaboration, and innovation across all stakeholders.”
Furthermore, he stressed that while the takaful industry has made remarkable progress, it must remain agile in responding to external pressures such as economic fluctuations and shifting customer expectations. “We must embrace the challenge to lead with courage and innovation to secure the industry’s future,” he said.
He added that the initiative underscores the takaful industry’s ambition to not only expand its market share but also improve service quality and product offerings to meet evolving consumer needs. He said Hijrah27’s strategic focus also aims to position the takaful industry as a cornerstone of Malaysia’s Islamic finance ecosystem, promoting inclusivity, resilience and sustainability.