KUALA LUMPUR: The Malaysia Takaful Association (MTA) has introduced its strategic framework, Hijrah27, marking a transformative plan that outlines the future of the Takaful industry.
Hijrah27 addresses 19 key challenges spanning awareness, distribution, digital, product competitiveness, talent and environmental, social and governance (ESG), identified through engagements with industry stakeholders and decision-makers.
MTA chairman Elmie Aman Najas said much progress has been made in shaping the Takaful landscape into a dynamic and robust sector.
"The journey is marked by milestones in innovation, strategic initiatives, and regulatory advancements in the spirit of providing Takaful for All to expand protection inclusivity by promoting greater awareness and accessibility.
"This is evident by the tremendous growth experienced by the industry since its nascency – assets more than doubled in just 10 years, rising from RM23 billion in 2014 to RM55.6 billion today.
"These investments strengthen Shariah-compliant capital markets and channel funds into critical sectors like technology, infrastructure and healthcare, fuelling economic progress and generating jobs across Malaysia," he said in his speech.
He said over the same period, the number of registered takaful agents rose 37 per cent to 108,158 compared to 78,979 (year: 2014).
"This is reflected in the penetration rate reaching 20 per cent up from 15 per cent in 2015, from an enlarged base of Family Takaful certificates at 6.6 million from 4.6 million, or a 44 per cent increase, with Annualised Contribution exceeding RM8.97 billion.
"This growth is a testament to the industry's strength – a synergy between a solid regulatory framework, responsive Takaful providers, effective representation and channels, and an engaged consumer base," he added.
Attending the launch, Bank Negara Malaysia (BNM) deputy governor Adnan Zaylani said the timely launch of Hijrah27 lays a cornerstone for charting pathway forward, aligning with the vision to make Takaful products a mainstream solution for protection needs.
"In light of these promising developments, I would like to commend the MTA and its members for their continuous efforts in shaping and supporting industry's growth," Adnan said.
Hijrah27 follows the success of the MTA Reform Plan 2022-2023 known as ISLAH23, and aligns MTA's mission with the visionary goals of the Financial Sector Blueprint 2026 and the industry's Value-Based Intermediation for Takaful (VBIT) framework.