Kuala Lumpur, 15 October 2024 – The Malaysian Takaful Association (MTA) held a landmark event today at the Azman Hashim Auditorium, Asian Institute of Chartered Bankers (AICB), for the VBIT Conference themed Transcending Boundaries: Advancing Takaful for Sustainable Growth. This significant conference marked the launch of the Maqasid Shariah Scorecard, reinforcing the commitment of the Takaful industry to sustainable growth and ethical practices.
Encik Elmie Aman Najas, Chairman of MTA, expressed his gratitude to all members of the association, including CEOs and leadership teams from various Takaful and Retakaful companies, for their invaluable contributions towards conceptualizing and developing the Value Based Intermediation for Takaful (VBIT). He highlighted the collective efforts that led to the successful launch of the VBIT Framework in 2020, the VBIT Roadmap in 2021, and now the Maqasid Shariah Scorecard.
In his speech, Encik Elmie emphasized that the Takaful industry has reached a mature stage where integrating the principles of Maqasid al-Shariah into business models not only meets regulatory expectations but also enhances the ethical foundations of Takaful operations. “We have moved beyond building the fundamentals of our industry to creating tangible value for our stakeholders and contributing to national agendas, including improving financial inclusion and enhancing the well-being of all Malaysians,” he stated.
The launch of the Maqasid Shariah Scorecard, officiated by Encik Suhaimi Ali, Assistant Governor of Bank Negara Malaysia, is seen as a transformative initiative for the industry. The scorecard aims to measure the industry’s impact and sustainability, aligning with the objectives of Maqasid al-Shariah, which focuses on the preservation of faith, life, wealth, lineage, and intellect.
As the Takaful industry navigates technological disruptions, regulatory changes, and evolving customer expectations, MTA remains committed to ensuring protection and prosperity for communities. The implementation of VBIT underpinned by “Shared Value, Shared Prosperity” is crucial in prioritizing ethical implications alongside financial performance.
Encik Elmie also highlighted the innovative strides taken by Takaful operators, such as developing affordable and accessible protection products, including microtakaful solutions aimed at underserved segments of society. This year, MTA is looking to incorporate sustainability and philanthropic approaches in its offerings, introducing blended Takaful products that integrate elements of Sadaqah, Waqf, and Hibah.
MTA Chief Executive Officer, Encik Mohd Radzuan Mohamed mentioned that this event is also significant milestone in the Takaful industry’s ongoing commitment, aligning with Strategic Thrust 5 of the Financial Sector Blueprint (FSB) “Advance value-based finance through Islamic finance leadership”, by driving forward sustainable growth and development in the sector.
In closing, Encik Elmie expressed gratitude for the support from MTA members and reiterated the importance of collaboration for the betterment of the Takaful industry. He called on all stakeholders to continue engaging actively in discussions and sharing best practices to drive the industry forward.
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