Malaysia well-placed to be mega regional takaful operator

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KUALA LUMPUR (Sept 03): There is opportunity for Malaysia to become a mega regional takaful operator, given the country's strong industrial base and excellent track record in a well-regulated environment.

"The track record that companies have built here since the 1980s in managing various types of risks, is a great advantage that you won't find anywhere else in the world.

"They are well-positioned to go regional," said Ashar Nazim, partner, global Islamic banking center at Ernst & Young, during a press conference after the launch of the Global Takaful Insights 2014.

He added that the Malaysia's strong industrial base has seen substantial investments in large infrastructure projects, that provide great opportunities for takaful cover.

According to Ernst & Young (EY), Malaysia currently leads in the ASEAN region, with nearly 71% share of the total gross Takaful contribution.

"Malaysia's total net contribution of family Takaful reached RM4.5 billion, with steady growth from regular contribution products," said Datuk Abdul Rauf Rashid, EY country managing partner for Malaysia.