KUALA LUMPUR, Sept 27 (Bernama) — The Malaysian Takaful Association (MTA) has inked a memorandum of understanding (MoU) with Asosiasi Asuransi Syariah Indonesia (AASI) to foster mutual collaboration and knowledge sharing in the takaful industry.
The MoU was signed by MTA chief executive oVcer Mohd Radzuan Mohamed and AASI chairman Rudy Kamdani, aiming to contribute to the takaful industry with a shared vision of promoting it globally.
Mohd Radzuan said the objective of this MoU is to recognise the importance of collaboration and contribution to the takaful industry.
“The MoU aims to facilitate knowledge exchange and transfer of technical expertise, establish relationships with international takaful and sharia insurance businesses, leverage global collaborations to enhance industry professionals’ skills, focus on Islamic finance in research, and strengthen scientific relations with academic institutions through joint journals, conferences, and workshops.
“These initiatives contribute to staying updated, fostering collaboration, enhancing capabilities, advancing Islamic finance knowledge, and disseminating research in the takaful industry,” he told Bernama here today.
Mohd Radzuan said the MoU also included the initiative to introduce and promote valuebased intermediation in takaful internationally, based on the Malaysian experience.
He added that the partnership is a first step to creating a takaful industry ecosystem in the Nusantara region of Malaysia, Indonesia and Brunei, which will involve a two-way iow of information and a learning process for both parties.
“We are looking at the interchange of knowledge since Indonesia also has its advantages in some areas of advancement in the industry.
“From Malaysia’s point of view, we are trying to promote the implementation of value-based intermediation in takaful (VBIT) globally, so it makes sense for MTA to discuss with neighbouring countries such as Indonesia, Brunei and Singapore,” he said.
The VBIT framework operates as a guideline for takaful operators in implementing the system, outlining the best conduct and practices in the industry.
Meanwhile, AASI executive director Erwin Noekman hopes that the collaboration will help to develop the Takaful industry in Indonesia through numerous events with MTA in the future.
“We consider Malaysia as our mentor in the takaful industry. We are still mirroring and adopting some practices from the Malaysian market since Malaysia has broader expertise in that particular field compared to Indonesia,” he said.