Takaful Industry To Enjoy High Growth This Year

The takaful (Islamic insurance) industry is expected to record high growth this year amid the increasing competition in the market this year.

Takaful Chairman of the Malaysian Association (MTA) Tarmidzi Ahmad Mohd Nordin said, the amount of premiums and the market would continue to grow by as much as RM600 million to RM3.0 billion this year compared with RM2.4 billion last year.

It is expected to contribute to achieving the vision of the country to an Islamic financial hub in the region and also at the global level, he said.

"The issuance of new licenses in the past two years, the participation and the growth was overwhelming," said Mohd Tarmidzi reporters at the start of a campaign to increase the awareness of Islamic finance at the National Mosque here Friday.

The positive development of the industry, in line with the high sales figures for products related to mortgages, motors, medical and education in the market.

"The land is good, the economy, rising incomes of people, systematic marketing techniques and partnerships with foreign partners, we will be able to progress quickly and the decisions to customers," he said.

Mohd Tarmidzi said that there were some challenges for the takaful operator based in the minds of saving for the future. Although there are a growing number of people aware of syariah based insurance, it is yet to be reached, the society as a whole.

For this, he said takaful operators should continue to beef various activities including awareness campaign.



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