Value-Based Intermediation
For Takaful (VBIT)
About VBIT
VBIT Framework
VBIT Roadmap
Takaful FSB Programme
Events & Training
About the VBIT Roadmap
“This Roadmap is an industry commitment to creating value for Takaful Operators, the Government, the Regulator, and the Society.”
Aspiration of Value-Based Intermediation for Takaful (VBIT) and the Financial Sector Blueprint 2022-2026 (FSB)
The intended outcomes or objectives of Maqasid Shariah are the primary elements that must be upheld by any TOs. The objective of Maqasid Shariah can be achieved through the implementation of VBIT.
Protection of Faith
Protection of Life
Protection and Preservation of Lineage
Protection of Intellectual Needs and Well-being of the Mind
Protection and Enrichment of Wealth
The Takaful industry desired to develop the future of the industry through VBIT by embracing impact-based disclosure. This promotes regular and transparent disclosures for all our stakeholders, and in turn, creates better value for Takaful Operators to unlock business opportunities, better align their business focus with the national agenda and enable communities access to fair and transparent products and services.
The future landscape of the Takaful industry encompasses the following:
Driven by shared prosperity & value “Takaful for all”
Performance measurement & disclosure on financial returns and value creation
Innovation of products & services to cater for distinct needs, lifestyles & social classes of consumers
Qualitative measurement of company’s involvement that creates positive impact on stakeholders
Meaningful involvement and contribution from all key stakeholders in different focus areas
The future landscape of the Takaful industry will create value to:
Takaful Operators
Unlock business opportunities with greater efficiency and healthy competition
Government and Regulators
Better alignment of business focus with national agenda
Society
Receive fair, transparent products and services
Financial Sector Blueprint 2022-2026 (FSB) desired outcomes are further supported by five Strategic Thrusts:
Both VBIT and FSB focus on financial resilience, sustainability and financial solutions for customers, and share common desired outcomes.
The Takaful industry sees this alignment as a reinforcement that VBIT supports FSB in all its strategic thrusts and also as an opportunity to align the Takaful industry’s effort to achieve similar desired outcomes.
1. Fund Malaysia’s economic transformation
3. Advance digitalisation of the financial sector
5. Advance value-based finance through Islamic finance leadership
2. Elevate the financial well-being of households and businesses
4. Position the financial system to facilitate orderly transition to a greener economy
VBIT Roadmap Desired Outcome
Overview
All proposed initiatives from the respective workstreams were analysed. It was concluded that 7 key outcomes can be
achieved. There are:
- Financial resilience for B40 customers
- Financial literacy and awareness
- Green and sustainable operations
- Efficiency and effectiveness of TO operations
- Green Investment
- Strong corporate governance and professionalism
- Knowledge and competency of the industry
Overview of VBIT Roadmap 2022- 2024
Map of Key Outcomes, Underpinning Thrusts and Initiatives
English 
Malay 
