The Malaysian Takaful Association (MTA) has provided some updates on its four-year strategic transformation plan called Hijrah27, which aims to innovate and turn takaful into a household name in Malaysia. It continues on from the previous MTA Reform Plan 2022-2023 (ISLAH 23).

In a statement, MTA said that this new plan will guide the industry and the overall Islamic ecosystem as a whole to advance takaful. It also aligns MTA’s mission with the goals of the Financial Sector Blueprint 2022-2026 – which sets the vision for the nation’s financial sector development – and the industry’s Value-Based Intermediation framework.

MTA also shared that it is currently still finalising Hijrah27, but the plan is expected to help push and maintain the growth momentum of the takaful industry.

“There will be a continued emphasis on collaborations, comprehensive awareness, products, and services innovations and expansion of takaful’s role in the whole ecosystem to widen protection and meet the unserved and underserved rakyat at their level of need to ensure every Malaysian has a safety net,” MTA further noted, adding that its mandate is to make takaful more relevant, accessible, and impactful.

Aside from sharing updates on Hijrah27, MTA also shared some figures on its performance in 2023. Among other things, it highlighted that it paid out a total of RM8.74 billion in 2023 to support Malaysians in their times of need. This is broken down to RM6.79 billion paid through Family Takaful, and the remaining RM1.95 billion via General Takaful.

MTA also noted that the payout total is 24.40% higher than the previous year, indicating the takaful industry’s responsiveness to emerging needs and its dedication to promptly assist certificate holders.

Other key details that were also revealed include the fact that the Family Takaful business has added 1.13 million new certificates in 2023, with a corresponding gross contribution of RM9.59 billion. This is slightly lower than the previous high of 1.31 million new certificates and RM10.06 billion gross contribution registered in 2022.

Meanwhile, the General Takaful business saw a 17.44% increase in gross written contributions from RM4.64 billion in 2022 to RM5.45 billion in 2023. To note, this bump is attributed primarily to the robust performance of motor takaful.

Finally, MTA said that it expects the takaful industry to maintain a steady momentum in 2024. “The industry is united in its commitment to accessible and affordable takaful protection for the rakyat as part of its efforts to support the country’s economic development,” it said.

• TAGS:
• Financial Sector Blueprint 2022-2026
• Malaysian Takaful Association
• MTA
• MTA Hijrah27
• MTA Reform Plan 2022-2023 (ISLAH 23)