The Malaysian Takaful Association (MTA) has launched its Hijrah27 framework, marking a strategic push to expand takaful’s reach within Malaysia, particularly targeting underserved segments, such as micro, small, and medium enterprises (MSMEs).
The framework seeks to improve public awareness and widen access to takaful products while positioning the industry for growth alongside other regional Islamic finance hubs.
According to MTA, Hijrah27 outlines a comprehensive growth path with a focus on professionalism, greater adherence to environmental, social, and governance (ESG) criteria, and the development of innovative offerings.
“The inauguration signals a unified commitment to industry-wide growth and evolution for the framework that outlines the industry’s roadmap for sustainable growth, broader accessibility, innovation, and impactful societal values,” the association said in a statement, as reported by The Edge Malaysia.
The framework was designed in consultation with stakeholders to address pressing challenges within the takaful sector, such as:
MTA noted that Hijrah27 includes eight key strategic areas, among them regulatory enhancement and digital transformation, aimed at sustaining the industry’s progress over the coming years.
During the launch, MTA chairman Elmie Aman Najas pointed to the significant growth achieved by the takaful sector, with assets doubling from RM23 billion in 2014 to RM55.6 billion.
He highlighted the role of shariah-compliant investments in supporting major sectors like technology, infrastructure, and healthcare.
“These investments strengthen shariah-compliant capital markets and channel funds into critical sectors like technology, infrastructure, and healthcare, fuelling economic progress and generating jobs across Malaysia,” he said.
Elmie also cited a growing workforce in the takaful industry, with the number of registered agents rising by 37% to over 108,000 in recent years. The family takaful penetration rate has increased from 15% in 2015 to 20%, supported by a rising number of certificates and an annual contribution exceeding RM8.97 billion.
Building on the previous Reform Plan 2022-2023, known as ISLAH23, the Hijrah27 framework aligns with Malaysia’s broader financial goals outlined in the Financial Sector Blueprint 2026 and the Value-Based Intermediation for Takaful (VBIT) initiative.
MTA said it aims to promote cross-industry collaboration, boost public awareness, and increase product innovation to make takaful an accessible safety net for all Malaysians.
Bank Negara Malaysia (BNM) deputy governor Adnan Zaylani Mohamad Zahid, who attended the launch, commented on Malaysia’s potential as a regional leader in takaful, with opportunities for enhanced collaboration across Southeast Asia.
“Malaysia is well positioned to lead collaborative efforts and drive sustainable initiatives through deeper regional cooperation that benefit communities and support the long-term development of the region,” he said, as reported by The Edge Malaysia.
MTA has introduced the new framework as Hong Kong encourages Malaysian firms to leverage regional opportunities in the Greater Bay Area (GBA).
