Paving the Way for Sustainable Growth in Takaful Industry
Kuala Lumpur, Wednesday, 7 February 2024 – Building upon the industry’s commitment to Value-based Intermediation for Takaful (VBIT), the Malaysian Takaful Association (MTA) releases an Interim Report on the Takaful Financial Sector Blueprint (FSB) Programme 2023, showcasing the remarkable progress made towards sustainable growth for Takaful industry.
The Interim Report delves deep into the significant achievements of Takaful Operators, examining key project milestones and intended outcomes against the backdrop of the VBIT and its Maturity Continuum.
Since the issuance of Bank Negara Malaysia’s VBI Strategy Paper in 2017, the Takaful industry has been committed to translating the VBI into business practices and values offered to consumers. In essence, VBI focuses on the adoption of practices that generate sustainable impact on the economy, community, and environment, which are universally applicable within the financial sector community. The VBIT Framework was issued by the Takaful industry in 2021, followed by the VBIT Roadmap in 2022. The Interim Report goes beyond highlighting achievements, offering insights into the program’s future impact. It emphasizes how the Takaful FSB Programme, through VBIT principles, aims to create a sustainable, stable, and inclusive Takaful industry. This, in turn, benefits Takaful Operators, participants, and the Malaysian economy as a whole.
Encik Elmie Aman Najas, Chairman of MTA said “The Takaful FSB Programme 2023 has the potential to improve the industry and make it more competitive and resilient. We are confident that the programme will continue to make progress and achieve its goals. Despite challenges and increasing competition from the traditional financial system, with strong collaboration across the Takaful industry and the enthusiastic participation of stakeholders, the Takaful FSB Programme is well-positioned to sustain its momentum and drive further advancements in the years to come. This programme serves as a valuable tool for the Takaful industry to address longstanding challenges and enhance industry overall growth and development.”
The Takaful FSB Programme is currently in the implementation phase, and the working groups are making substantial progress in all strategic thrusts through the eleven working groups that oversee various aspects of financial inclusion, economic resilience, digitalisation, sustainability and climate resilience, and Islamic finance leadership.
“We expect that over time, the adoption of VBI agenda will drive the industry towards a sustainable finance ecosystem for the Community (People), Environment (Planet), and Economy (Prosperity). The Takaful FSB programme will continue to be instrumental in driving the Takaful industry forward and will continue to do so. By acknowledging these key metrics, the Takaful industry can identify areas where it is making progress and areas where improvement is needed. The key metrics can also be used to communicate the successes of the Takaful industry to stakeholders and the public in the hopes that these initiatives will greatly contribute to improvement and boosting of the industry.” said the Chief Executive Officer of MTA, Encik Mohd Radzuan Mohamed.
“This Interim Report reflects our ongoing efforts and the industry’s dedication to achieving #TakafulForAll” he added.
The Interim Report encourages industry players to realise the objectives of Maqasid al- Shariah. It further elaborates the underpinning thrusts of VBIT, which are Financial Resilience, Community Empowerment, Good Self-Governance, Best Conduct and Capacity Building. It also highlights the potential to significantly improve the industry and make it more competitive and resilient. The Takaful FSB Programme is well-positioned to sustain its momentum and drive further advancements in the years to come.
Program anjuran bersama Persatuan Institusi Perbankan Dan Kewangan Islam Malaysia (AIBIM) dan Lembaga Zakat Negeri Kedah (LZNK) ini merupakan salah satu inisiatif yang menjadi fokus MTA dalam menyampaikan tentang kesedaran dan kepentingan Takaful kepada semua lapisan masyarakat, khususnya kepada usahawan asnaf yang terlibat dalam program ini. Terdahulu dari ini, pelaksanaan program PTUA ini adalah rentetan dari kejayaan Program Transformasi Usahawan Asnaf yang telah dilaksanakan pada 14 sehingga 20 Ogos 2023 yang lalu, untuk 50 ASNAF dari sekitar negeri Terengganu.
Objektif program ini adalah untuk melahirkan usahawan-usahawan dari kalangan asnaf melalui bidang-bidang kemahiran yang boleh membantu mereka dalam menambah pendapatan, seterusnya dapat membina kehidupan keluarga mereka kearah yang lebih baik. Sepanjang program ini, para peserta diberikan latihan teori dan praktikal serta diberikan bimbingan menyeluruh untuk mereka menceburi dunia usahawan dengan lebih baik. Peserta juga didedahkan dengan keperluan dan kepentingan perlindungan takaful, yang bukan hanya untuk diri dan keluarga mereka sahaja malahan untuk perniagaan yang sedang atau akan mereka bina. Peluang-peluang pekerjaan sebagai perunding Takaful juga turut dikongsikan disepanjang program ini dilangsungkan.
Selain itu, program ini turut mendapat sokongan dan sumbangan daripada Zurich Takaful Malaysia Berhad yang merupakan ahli MTA, dan juga sumbangan myZakat daripada ahli-ahli AIBIM. Melalui program ini juga, para peserta akan terus dipantau dan dibimbing secara berkala dalam tempoh enam bulan akan datang, bagi mengekalkan momentum positif untuk meningkatkan sosio ekonomi serta daya tahan perusahaan atau perniagaan mereka.
Di samping itu, usaha ini juga merupakan salah satu inisiatif yang sejajar dengan matlamat Bank Negara Malaysia (BNM) dalam Pelan Sektor Kewangan (FSB) 2022-2026 sebagai panduan berasaskan prinsip untuk memajukan rangkuman kewangan di Malaysia.
MTA juga menekankan pendidikan literasi kewangan selaras dengan Pengantaraan Berasaskan Nilai untuk Takaful (VBIT) yang juga termasuk dalam memperkasakan Rangka Kerja Rangkuman Kewangan (FIF) 2023-2026 terhadap masyarakat. Rangkuman kewangan yang dimaksudkan adalah merujuk kepada nilai inklusiviti, iaitu prinsip utama dalam agenda pembangunan sosio ekonomi negara bagi memastikan semua lapisan masyarakat dapat menikmati hasil pertumbuhan dan pembangunan ekonomi tanpa mengira jantina, etnik kaum, status sosio ekonomi dan lokasi penempatan penduduk.
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