Value-Based Intermediation

For Takaful (VBIT)

About VBIT

The framework aims to encourage industry players towards achieving growth

VBIT Framework

The framework aims to encourage industry players towards achieving growth.

VBIT Roadmap

Download reports for Value Based Intermediation roadmap in PDF format

Takaful FSB Programme

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Events & Training

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Introducing VBIT Framework

The framework aims to encourage industry players towards achieving growth that is sustainable and meaningful for all stakeholders. In the effort to create a positive socio-economic impact, Takaful Operators (TOs) aspire to become a major influence on the realisation of prosperity and Maqasid Shariah.

The framework operates as a guideline for Takaful Operators in their implementation of Value-based Intermediation for Takaful (VBIT) by outlining the best conduct and practices in the industry. The framework is comprehensive and relevant to Family Takaful, General Takaful and Retakaful Operators.

A clear understanding of how Takaful Operators can embrace VBIT will drive the industry to the next level.

Underpinning Thrust
Underpinning Thrust
Guiding Principle
Guiding Principle
Key Implementation Strategies
Key Implementation Strategies
Performance Measurement
Performance Measurement
Enhance Disclosure
Enhance Disclosure
Value Creation
Value Creation
Future Landscape of Takaful
Future Landscape of Takaful
1. Underpinning Thrusts

A set of clear underpinning thrusts is developed to guide the adoption of VBIT by all TOs in Malaysia to create positive value and sustainable impacts for the respective stakeholders. This integrated set of thrusts serves as a compass for TOs in the journey of implementing VBIT.

Financial Resilience
Financial Resilience
Ability to bounce back from the financial shock
Good Self-Governance
Good Self-Governance
Ability to effectively exercise all necessary functions of regulation
Community Empowerment
Community Empowerment
Process of enabling people to gain control over the factors and decisions that shape their lives
Best Conduct
Best Conduct
Practice that is deemed to be most superior because it leads to the best results
2. Guiding Principle

The implementation of VBIT begins with Corporate Value Intent (CVI) in delivering Shariah propositions through Takaful business activities – operations, practices, conduct and offerings.

CVI is beyond the company’s slogan. It expresses the specific desirable future that the TO is committed to achieving – a goal which balances the creation of value for all stakeholders.

3. Key Implementation Strategies

The execution of VBIT by TOs may be conducted by focusing on identified key implementation strategies. The way the institution delivers its CVI and implements its value-based strategies shall be based on four (4) interlinked areas of focus.

Inclusive Stakeholder Engagement
Inclusive Stakeholder Engagement
Effective communication to achieve the objective of CVI Key Implementation Strategies
Impact-based Assessment
Impact-based Assessment
Analysis of potential impacts from all perspectives
Constructive Collaboration
Constructive Collaboration
Strategic alliances in delivering value-driven solutions
Value-driven Solutions
Value-driven Solutions
Offerings, business practices and infrastructure that provide meaningful and valuable experiences
4. Performance Measurement

A comprehensive measurement that assesses the progress and effectiveness of the VBIT initiatives implemented by TOs. It will address both financial and non-financial indicators under the four underpinning thrusts of VBIT.

It is important because:

For quantifiable measurement - indicate the progress of VBIT implementation.
To guide TOs - identify whether they are progressing in line with their respective CVI.
Create atmosphere of learning and innovation for the TOs.
Act as an effective tool - promote workforce motivation and job satisfaction.
Shape positive and proactive behaviour among industry players.
5. Enhanced Disclosure

The enhanced disclosures will demonstrate TOs’ accountability towards VBIT commitment and in delivering sustainability values. It reflects the progress and effectiveness of the VBIT initiatives in deliberating relevant impact-focused information. The disclosure shall include consistency, reliability, comparability and meaningfulness of each VBIT initiatives.

Enhance the understanding of stakeholders of the role of the Takaful industry.
More Informed decision making by stakeholders.
Better understanding on TO's strategic intent and VBIT initiatives.
6. Value Creation
Benefits for Society
Benefits for Society
  • Receive better quality of Takaful offerings
  • Fair and better transparency to build strong confidence in TOs
  • Better awareness and preventing negative outputs
Benefits for Regulators & Government Authorities
Benefits for Regulators & Government Authorities
  • Better alignment of business focus with the national agenda
  • Greater integration and effective collaboration
  • Strengthen financial stability
Benefits for Takaful Operators (TOs)
Benefits for Takaful Operators (TOs)
  • Enhance operational efficiency
  • Unlock business opportunities in the underserved & unserved markets
  • Increase penetration in new target segments
  • Increase competitiveness among TOs
  • Effective Takaful ecosystem
  • Enhance corporate image in the local and global markets
7. Future Landscape of Takaful
Driven by shared prosperity & value - "Takaful for all"
Performance measurement & disclosure of financial returns and value
Innovation of products & services to cater for distinct needs, lifestyles & social classes of consumers
Qualitative measurement of company’s involvement that creates a positive impact on stakeholders
Meaningful involvement and contribution from all key stakeholders in different focus areas
Frequently Asked Question (FAQ)

VBIT Framework serves as a guideline in implementing VBI within the sustainability ideals through its value-based agenda. The framework is comprehensive and relevant to Family Takaful, General Takaful, and Retakaful Operators.

VBIT reflects the industry’s aspiration to elevate Takaful to the next level by transforming the industry towards achieving meaningful sustainable growth whilst delivering impactful and measurable values to the customer and stakeholders. The objective is to deliver positive socio-economic impact whilst upholding the objectives of Shariah and sustaining positive financial returns for the relevant stakeholders.

It is good to note that during the development of the VBIT Framework, it is foreseen that the implementation of the VBIT initiatives will take place in stages. As the industry progresses through the adoption of the VBIT principles, it is hopeful that the discussion of VBIT ideals can encourage the stakeholders to embrace value-driven agenda and change their mind set to consider more meaningful propositions in delivering the intended outcome.

The VBIT conversations are expected to spur the TOs’ creativity and encourage them to innovate in delivering positive and meaningful impacts to their stakeholders. This will ideally lead to a better quality in TOs’ offerings for distinct market segments nationwide, with greater integration and effective collaboration between different stakeholders in transitioning towards a sustainable financial future for all.

VBIT is the extension of VBI, where VBI is focused more on adoption of the VBI principles by Islamic Banking in Malaysia. VBIT Framework provides a specific guide for Takaful practitioners on the awareness of and the process to transform the Takaful industry into an intentional and meaningful journey towards achieving the ultimate objectives of Shariah. It is also the first of such framework in the global Takaful landscape, where it explicitly mentions Maqasid Shariah and sustainability agenda in together.

Consumers can expect Takaful Operators to gradually offer a more customised and inclusive products and services that brings greater meaning and more valuable to them. It will be more thought through and the distinct feature would be more unique to specific communities and segments.

As the implementation of VBIT ideals provides the opportunity for the industry to focus on its unique value proposition – Shariah compliant, mutual benefit sharing and transparency; the key success factor is highly dependent on the continuous and concerted efforts and commitments from all respective stakeholders – the society, the industry and the regulators in the journey to unlock the full potential of Takaful industry.

Implementing VBIT involves:

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Malaysian Life Reinsurance Group

Unit 39-A-6, Level 39, Tower A, Menara UOA Bangsar, No. 5 Jalan Bangsar Utama 1, 59000 Kuala Lumpur
Malaysia

Hotline: –
Tel: 603 2780 6611
Fax: 603 2780 6622
Email: [email protected]
Web: Malaysian Life Reinsurance Group

Malaysian Life Reinsurance Group
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Zurich Takaful Malaysia Berhad

Level 23A, Mercu 3, No 3, Jalan Bangsar, KL Eco City, 59200, Kuala Lumpur

Hotline: 1 300 888 622
Tel: 603 2109 6000
Fax: 603 2109 6888
Emailc: [email protected]
Web: Zurich Takaful Malaysia Berhad

Zurich Takaful Malaysia Berhad
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Takaful Ikhlas General Berhad

IKHLAS Point, Menara 11A, Avenue 5, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur

Hotline: –
Tel: 603 2723 9696
Fax: 603 2723 9998
Email: [email protected]
Web: Takaful Ikhlas Family Berhad

Takaful Ikhlas General Berhad
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Syarikat Takaful Malaysia Am Berhad

Menara Takaful Malaysia, No.4, Jalan Sultan Sulaiman, 50000 Kuala Lumpur.

Hotline: 1300 8 TAKAFUL(825 2385)
Tel: 603 2268 1984
Fax: 603 2274 0237
Email: [email protected]
Web: Syarikat Takaful Malaysia Keluarga Berhad

Syarikat Takaful Malaysia Am Berhad
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Munich Re Retakaful

Suite 13.1, Level 13, Menara IMC, 8 Jalan Sultan Ismail, 50250 Kuala Lumpur

Hotline: 1 300 888 622
Tel: 603 2380 8421
Fax: 603 2032 5955
Email: –
Web: https:Munich Re Retakaful

Munich Re Retakaful
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Malaysian Re

12th Floor, Bangunan Malaysian Re, No 17, Lorong Dungun, Damansara Heights, 50490 KUALA LUMPUR

Hotline: –
Tel: 603 2096 8000
Fax: 603 2096 7000
Email: [email protected]
Web: Malaysian Re

Malaysian Re
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Hong Leong MSIG Takaful Berhad

Level 5, Tower B, PJ City Development, No.15A, Jalan 219, Seksyen 51A, 46100 Petaling Jaya, Selangor

Hotline: –
Tel: 603 7650 1800
Fax: 603 7620 6730
Email: [email protected]
Web: Hong Leong MSIG Takaful Berhad

Hong Leong MSIG Takaful Berhad
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Great Eastern Takaful Berhad

Menara Great Eastern, 303 Jalan Ampang, 50450 Kuala Lumpur

Hotline: 1 300 13 8338
Tel: 603 4259 8338
Fax:603 4259 8808
Email: [email protected]
Web: Great Eastern Takaful Berhad

Etiqa General Takaful Berhad
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FWD Takaful Berhad

Level 29 Menara Shell, 211 Jalan Tun Sambanthan, Brickfields 50470 Kuala Lumpur

Hotline: –
Tel: 1300 13 7988
Fax: 603 2710 7800
Email: [email protected]
Web: FWD Takaful

FWD Takaful Berhad
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Zurich General Takaful Malaysia Berhad

Level 23A, Mercu 3, No 3, Jalan Bangsar, KL Eco City, 59200, Kuala Lumpur

Hotline: 1 300 888 622
Tel: 603 2109 6000
Fax: 603 2109 6888
Emailc: [email protected]
Web: Zurich Takaful Malaysia Berhad

Zurich General Takaful Malaysia Berhad
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Takaful Ikhlas Family Berhad

IKHLAS Point, Menara 11A, Avenue 5, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur

Hotline: –
Tel: 603 2723 9696
Fax: 603 2723 9998
Email: [email protected]
Web: Takaful Ikhlas Family Berhad

Takaful Ikhlas Family Berhad
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Syarikat Takaful Malaysia Keluarga Berhad

Menara Takaful Malaysia, No.4, Jalan Sultan Sulaiman, 50000 Kuala Lumpur.

Hotline: 1300 8 TAKAFUL(825 2385)
Tel: 603 2268 1984
Fax: 603 2274 0237
Email: [email protected]
Web: Syarikat Takaful Malaysia Keluarga Berhad

Syarikat Takaful Malaysia Keluarga Berhad
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Swiss Re Retakaful

Swiss Re Retakaful, Swiss Reinsurance Company Ltd, Kuala Lumpur Branch, No.10 Persiaran KLCC Level 13A-2, Capital Tower @ Platinum Park

Hotline: –
Tel: 603 2118 3800
Fax: 603 2118 3811
Email: –
Web: Swiss Re Retakaful

Swiss Re Retakaful
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Sun Life Malaysia Takaful Berhad

Level 11, 338, Jalan Tuanku Abdul Rahman, 50100 Kuala Lumpur

Hotline1 300 88 5055
Tel603 2612 3600
Fax603 2614 3550
[email protected]
Web: Sun Life Malaysia Takaful Berhad

Sun Life Malaysia Takaful Berhad
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Prudential BSN Takaful Berhad

Tingkat 13, Menara Prudential, Persiaran TRX Barat, 55188 Tun Razak Exchange, Kuala Lumpur

Hotline: 1 300 888 622
Tel: 603 2053 7188
Fax: 603 2026 7688
Email: [email protected]
Web: Prudential BSN Takaful Berhad

Prudential BSN Takaful Berhad
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Etiqa General Takaful Berhad

Level 21, Tower C, Dataran Maybank, No. 1, Jalan Maarof, 59000 Kuala Lumpur

Hotline: 1 300 13 8888
Tel: 603 2297 1888
Fax: 603 2297 1800
Email: [email protected]

Etiqa General Takaful Berhad
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Etiqa Family Takaful Berhad

Level 20, Tower B, Dataran Maybank, No. 1, Jalan Maarof, 59000 Kuala Lumpur

Hotline: 1 300 13 8888
Tel: 603 2297 1888
Fax: 603 2297 1800
Email: [email protected]

Etiqa Family Takaful Berhad
AmMetLife Takaful Berhad

Level 23, Menara 1 Sentrum, No. 201,
Jalan Tun Sambanthan, 50470 Kuala Lumpur

Hotline: 1 300 88 8800
Tel: 603-2271 8000
Fax: 603-2171 3000
Email: [email protected]

AmMetLife Takaful Berhad
AIA PUBLIC Takaful Bhd.

Level 14, Menara AIA, 99, Jalan Ampang, 50450 Kuala Lumpur, Malaysia

Hotline: 1 300 88 8922
Tel: 603 2037 1333
Fax: 603 2056 3690
Email: [email protected]

AIA PUBLIC Takaful Bhd.