TAKAFUL SET FOR CONTINUED GROWTH IN MALAYSIA

The Malaysian takaful sector is likely to grow by anything between 600m ringgit ($185.3m) and 3bn ringgit this year, according to Mohd Tarmidzi Ahmad Nordin, chairman of the Malaysian Takaful Association, Speaking last Friday at the launch of a campaign to increase the level of awareness of Islamic financing, he noted that “the issuance of new licences in the last two years has increased participation and the growth has been tremendous”. However, he conceded that there would be some challenges ahead in the savings-related sector of insurance because people did not yet have a mindset on saving for the future.