The Malaysian Takaful Association (MTA) has officially launched the Hijrah27 framework, a strategic transformation plan with the core objectives of broadening public understanding of Islamic insurance and expanding its reach to underserved segments of the country. The goal is also for takaful to be the preferred Shariah-compliant protection choice in the country while seeking to enhance professionalism among takaful personnel and promote ESG.
The introduction of Hijrah 27 aligns MTA’s mission with the goals of the Financial Sector Blueprint 2026 and the industry’s Value-Based Intermediation for Takaful (VBIT) framework.
Hijrah 27 charts the future of the takaful industry. Its launch on 8 November signals a unified commitment to industry-wide growth and evolution for the framework that outlines the industry’s roadmap for sustainable growth, broader accessibility, innovation, and impactful societal value. At its core, the framework focuses on broadening public awareness of takaful and reaching out to underserved segments, including micro, small, and medium enterprises (MSMEs), enhancing professionalism among takaful representatives, and promoting initiatives aligned with ESG aspects.
Building on four decades of progress, Hijrah27 anchors the next phase of takaful industry growth on eight strategic thrusts, including digital innovation and strengthening regulatory governance. Hijrah27 addresses 19 key challenges spanning awareness, distribution, digital, product competitiveness, talent and ESG, identified through engagement with industry stakeholders and decision-makers.
MTA chairman Elmie Aman Najas said, “The takaful industry has progressed significantly over the past four decades, from establishing core principles and frameworks to developing its market presence and improving governance structures. The penetration rate has risen to an encouraging 20%, up from 15%, reflecting growing appreciation for takaful principles. In the last 10 years alone, takaful assets have more than doubled to MYR55.6bn ($12.7bn) from MYR23bn in 2014.”
Source: asiainsurancereview.com
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