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Agro-Food Takaful Insurance Scheme Gives New Hope to Malaysian Farmers

9 Aug 2022 | Tuesday Source: Asian Economist

Farmers produce food for people to eat and without them, the world will go hungry. In Malaysia, farmers can take advantage of the Agro-Food Takaful Insurance Scheme plans supported by the government through MAF. It aims to compensate farmers for damages and losses caused by natural disasters.

The government will establish the Agro-Food Takaful Insurance with the help of the Ministry of Agriculture and Food Industries (MAFI). About 189,500 rice farmers will benefit from the said insurance. The insurance coverage will stretch in stages to sectors, which include fisheries and other food industry sub-sectors.

“On this matter, the government will give continuous focus to the agro-food sector by improving productivity and ensuring national food security while driving economic growth for the well-being of the people. Indeed, the government is developing various initiatives and efforts so that the people could obtain adequate and secure food supply at reasonable prices,” said Agriculture and Food Industries Minister Datuk Seri Ronald Kiandee.

Malaysia is a wide-ranging food importer and takes measures to boost domestic grains and poultry supplies. Nations around the globe are battling inflation, from basic commodities to food costs due to Russia’s Ukraine invasion. The country is among other nations that still have crop insurance.

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