13th April 2023 - 2 min read
The Malaysian Takaful Association (MTA) has expressed that its members are keen and prepared to collaborate with the government to introduce the Rahmah Insurance initiative in the near future.
Chief executive officer of MTA, Mohd Radzuan Mohamed said that takaful operators have begun holding discussions with the Ministry of Domestic Trade and Cost of Living (KPDN) after its minister, Datuk Seri Salahuddin Ayub proposed the idea last month. “Following the announcement, we had a series of engagements with the ministry to impart our knowledge as well as to share our offering, to assist the ministry with a sustainable Rahmah Takaful programme for the targeted markets,” he said.
Mohd Radzuan also shared that the Rahmah Insurance initiative will focus on assisting deserving segments of the society, including the B40 and M40 income groups, gig workers, and those who are working in the service sector. “This is where the ministry is actually looking at – how we (takaful players) can support them (the targeted segments) if they are involved in unfortunate incidents like an accident,” he added.
On 20 March, KPDN minister Datuk Seri Salahuddin had announced that his ministry intends to roll out the Rahmah Insurance initiative under the larger Payung Rahmah programme, with the aim to provide affordable insurance and protection to the people. He also noted that the government may consider offering a range of takaful protection – including vehicle, as well as housing and real estate insurance – although this depends on the results of the ministry’s discussion with the industry players.
(Source: The Edge Markets)
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