TAKAFUL INDUSTRY TO SEE STEADY GROWTH

By Mohd Iswandi Kasan Anuar

KUALA LUMPUR, Feb 2 (Bernama) -- The takaful industry will continue its
steady growth momentum this year in line with the expansion of the industry
globally which has seen an annual growth rate of 25 per cent the past few
years.

The industry is in a strong position to increase further in an environment
of stronger economic performance projected for 2010, said Malaysia Takaful
Association chairman Syed Moheeb Syed Kamarulzaman.

"The efforts and commitment by industry players focusing on customer service
with a stronger marketing strategy will enable further growth in the industry,"
he told Bernama in an interview recently.

The combined family and general takaful sector is estimated to have recorded
15 per cent growth or RM3.0 billion (US$882,352) in premiums last year over
RM2.7 billion (US$794,118)recorded in 2008, Syed Moheeb said.

He said due to strong interest in takaful both among Muslim and
non-Muslim customers due to growing awareness about Syariah insurance will bring
more positive impact to the sector.

"The industry will benefit from the growth trend in family takaful products
such as saving, education and investment-linked products," he said.

Syed Moheeb, who is Malaysia's Takaful Ikhlas Sdn Bhd president and chief
executive officer, said industry players should consider keeping the premium at
affordable rates in order to create better demand for takaful products. This
will enable businesses and families in society to have access to insurance
protection.

He said companies should also create a more sustainable environment for the
recruitment, training and human capital development in the effort to bring new
blood into the industry.

"We are facing new challenges in the industry, in terms of attracting
quality talents who will could understand the takaful landscape in line with
Syariah principles," he said, adding that the industry's growth will be hampered
by the lack of talents.
-- BERNAMA


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