Takaful Vital Financial Protection Amid Global Uncertainty - MTA

KUALA LUMPUR, May 20 (Bernama) -- Takaful and insurance protection should not be regarded as a financial burden, particularly amid global geopolitical uncertainties that continue to weigh on the economy and cost of living.

Malaysian Takaful Association (MTA) chief executive officer Mohd Radzuan Mohamed said such protection is essential in helping individuals and families manage unexpected risks.

Mohd Radzuan said many people tend to reduce their protection commitments during challenging economic periods to cut expenses, despite the risk of facing greater financial difficulties in the event of accidents or health-related issues.

In any economic downturn, the first thing people tend to give up is takaful or insurance because it is seen as burdensome. But in reality, it is what is needed most when facing hardship,” he told Bernama here.

However, Mohd Radzuan expressed confidence that the high level of financial awareness among Malaysians could help shift consumer mindsets from cancelling their protection plans.

He said MTA remains committed to enhancing public understanding of financial protection by strengthening the professionalism and leadership capabilities of takaful consultants through the Takaful Advisor Professional Pathway (TAPP) programme.

The initiative is further reinforced through the Takaful Leaders and Agents Summit (TLAS), which aims to develop entrepreneurs who not only pursue sales excellence but also serve as ambassadors of financial literacy.

Earlier, he attended the Takaful Star Awards 2026 at the Genting International Convention Centre (GICC), attended by more than 800 agents and members of the takaful industry.

A total of 67 recipients were honoured across 25 categories in recognition of their excellence, leadership and outstanding contributions to the takaful industry.

The Employees Provident Fund (EPF) received this year’s Trailblazer Award for its i-Lindung programme, which has expanded contributors’ access to a wider range of takaful protection products.

The Tokoh Kembara Takaful Award was presented to international Islamic finance expert Prof Datin Dr Rusni Hassan in recognition of her contributions to takaful research and corporate social responsibility initiatives benefiting the B40 group.

Mohd Radzuan also described the strong performance of takaful consultants and industry players last year as encouraging, noting that achievements were no longer dominated by only one or two major companies.

He said the positive growth was also reflected in the industry’s zakat contributions, which increased significantly to RM52 million in 2024 from RM500,000 in 2014.

“That figure does not simply reflect increased business, but the takaful industry’s efforts to give back to the community. This has always been part of our DNA through the concept of mutual assistance or taawun,” he said.

-- BERNAMA