Takaful Malaysia expects to surpass 30% growth projection

Takaful Malaysia is confident of again surpassing 30 percent growth.

For financial years 2008 to 2011, Takaful Malaysia reportedly posted a compound annual growth rate of 32.2 per cent, said Takaful Malaysia General Manager, Retail Agency, Mohd Suhaimi Ahmad.

This year, the takaful industry is expected to grow by 30 percent.

Ahmad said that his company Takaful Malaysia also intends to be the country's top takaful operator in terms of total contributions in two to three years.

"We are number two now," he said, adding last year the company's total contributions amounted to nearly RM1 billion.

"The takaful system has always performed better than conventional insurance instruments due to the demand for it, as it is seen as fair with elements such as Mudharabah and rebates," he said.

Mohd Suhaimi said the takaful industry's penetration rate in Sabah has also increased with the close cooperation by the state government and Takaful Malaysia's credibility as an insurance provider especially of takaful and workers' welfare insurance.

For more.

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