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null EPICENTRE June 2023: Malaysian takaful sector remains resilient, advancing efforts to increase outreach

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EPICENTRE June 2023: Malaysian takaful sector remains resilient, advancing efforts to increase outreach
Malaysian takaful sector remains resilient, advancing efforts to increase outreach
 
The Malaysian takaful industry sustained positive growth and growing traction, which is the results of  efforts by various stakeholders to increase the outreach of takaful. Recently, the Malaysian Takaful Associations (MTA) launched the Takaful4All initiative to enhance public awareness and promote financial literacy especially on takaful, in support of the Financial Education Network (FEN). Bank Negara Malaysia also issued the Operating Cost Controls for General Insurance and Takaful Business Policy Document to promote a financial sector that continues to deliver value to customers.

Download the infographic below for more information on Takaful4All

In another development, outlook for the domestic and global Islamic finance industry remains positive, including the increase in cross-border corporate sukuk issuances this year.
 
The MIFC Team
Download Infographic
Malaysian takaful progress
Industry initiatives

MTA launched Takaful4all initiatives
The Malaysian Takaful Association (MTA) today launched the Takaful4All initiative that specifically with the aim of enhancing public awareness on the concept and benefits of takaful, alongside promoting financial literacy, through a series of activities across multiple platforms.
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Stable outlook on Malaysian insurance & takaful
RAM Rating maintained its ‘stable’ outlook for the Malaysian insurance and takaful sector, expecting the sector to stay resilient in the face of a changing landscape, market volatilities and the normalisation of claims towards pre-pandemic levels.
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Rahmah insurance & takaful packages announced
Several affordable insurance and takaful packages under Putrajaya's Rahmah initiative was announced, aims to support more Malaysians, especially those in the B40, to own insurance or takaful coverage.
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Call for public feedback on the 3rd VBIAF Sectoral Guides
The Value-based Intermediation Financing and Investment Impact Assessment Framework (VBIAF) Sectoral Guide Working Group has issued the 3rd cohort of the VBIAF Sectoral Guides covering the areas of agriculture, mining & quarrying, road transportation and waste management. The Sectoral Guides provide sector-specific guidelines that assess the impact of investments, promote responsible practices, enhance transparency, encourage stakeholder engagement, and foster continuous improvement.
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Regulatory Updates

BNM issued OCC for General Insurance and Takaful Business
Bank Negara Malaysia issued the Operating Cost Controls for General Insurance and Takaful Business Policy Document as part of the Bank’s efforts to promote a financial sector that continues to deliver value to customers, including to facilitate a dynamic and responsive marketplace, foster healthy competition and ensure intermediaries adopt high standard of professionalism.
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Malaysia IF Outlook

Moody's expects Malaysia's strong Islamic finance growth to continue for next 12 to 18 months
Moody’s expects strong Islamic finance growth in Malaysia to continue supported by more government initiatives and digital banking. Similar to other key Islamic markets, the growth of Islamic banks in Malaysia has actually outpaced the growth of their conventional peers in recent years.
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Bond, sukuk issuance to reach RM100bil this year
Malaysian Rating Corp Bhd (MARC) expects Malaysia’s corporate bond and sukuk issuances for this year to be challenging this year and hover in the range of RM90bil to RM100bil (Last year’s total issuance was RM120bil).
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Global IF Outlook

Global Islamic finance industry to grow 10% in 2023-2024
The global islamic finance industry is expected to grow by around 10% in 2023-2024 despite the economic slowdown, after posting a similar expansion in 2022 mainly led by the GCC countries - S&P Global Ratings.
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Cross-border corporate sukuk is set to increase from 2022 lows
Cross-border corporate sukuk issuance is set to rise significantly from 2022 lows, with companies in the GCC countries and Malaysia accounting for most of the issuance - Moody's.
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