The creation of an Islamic finance-enabling ecosystem is the key driver of the Malaysian takaful industry’s growth, Fitch Ratings says.
This makes Malaysia a leading model for the sector, especially in light of the Muslim-dominated make-up of the untapped population segment.

In its report, titled “Malaysia Takaful Dashboard: 2020”, Fitch says that increasing product awareness is also a factor towards improving market penetration as almost half of the Malaysian population does not have protection due to a lack of awareness of the comprehensive range of solutions offered by the takaful industry.The takaful sector in Malaysia continues to enjoy faster growth than the conventional insurance sector, driven by stable domestic consumption and increasing consumer awareness. Family and general takaful premiums rose by 29.6% and 16.4%, respectively, in 1H19, compared with 12.2% in conventional life and -1.3% in general insurance, respectively.

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