Takaful growing faster than conventional insurance

Malaysia's takaful industry has continued to grow at a faster rate than conventional insurance. It recorded a compound annual growth rate (CAGR) of 20.6% in the first nine months of 2022 (9M22) and outperformed conventional insurance’s CAGR of 10.8%, according to AmInvestment Bank Bhd (AmBank Research). 

Etiqa Insurance and Takaful CEO Kamaludin Ahmad said the growing demand for pure Islamic products had been contributing to the significant difference in the growth rate. 

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