The Takaful (Islamic insurance) industry is expected to record high growth this year amid growing competition in the market this year.
Chairman of Malaysian Takaful Association (MTA) Mohd Tarmidzi Ahmad Nordin said the amount of premium in 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.
This is expected to help realise the country's vision of becoming an Islamic financial hub in the region and indeed at a global level, he said.
"The issuance of new licenses in the last two years has increased participation and the growth has been tremendous," Mohd Tarmidzi told reporters at the launch of a campaign on increasing the level of awareness of Islamic financing at the National Mosque here Friday.
The positive development of the industry is in line with high sales for products related to mortgage, motor, medical and education in the market.
"With the country's good economy, rising income of individuals, systematic marketing techniques and partnerships with foreign partners, we have been able to progress fast and provide choices to customers," he said.
Mohd Tarmidzi said there would be some challenges for takaful operators due to people's mindset of saving for the future. While there is a growing number of people aware of syariah based insurance, it has yet to reach the society at large.
For this, he said takaful operators should continue to beef up various activities including awareness campaign. |
