Takaful associations in Malaysia and Indonesia are collaborating to share knowledge, conduct joint training programmes, exchange data intelligence and provide consultations on matters related to Islamic finance and takaful. An agreement was inked by the Malaysian Takaful Association (MTA) and Secretariat of Asosiasi Asuransi Syariah Indonesia (AASI) on 27 September to begin these initiatives. The event was held during the Takaful Rendezvous in Kuala Lumpur, Malaysia.
Malaysia's takaful industry has been promoting values-based intermediation to spur innovation and support the development of takaful. While the takaful market in Malaysia has experienced growth in the past year, operators face several challenges to innovate and scale their business.
AXA Insurance Indonesia (formerly known as Mandiri AXA General Insurance/MAGI) has announced plans to close its Shariah business unit.
Holy Land Takaful Insurance Company (Holy Land) has received regulatory approval to offer takaful products in the Palestinian insurance market.
Gross written contributions (GWC) for takaful business reached EGP4.3bn ($139m) in the first six months of 2023, a decline of more than 6% from EGP4.5bn generated in the corresponding period of 2022.
Salaam Takaful has formed a partnership with Digital Dera, Pakistan's first food security policy and rural technology innovation start-up, to advance the cause of financial inclusion.
Asuransi Tugu Pratama Indonesia (Tugu Insurance) is currently considering spinning off its Shariah Business Unit (UUS) in 2024.
National Life & General Insurance Company (NGLIC) widened its lead as the biggest insurer in Oman by doubling its gross premiums earned in the first half of 2023, according to unaudited interim financial statements filed with the Muscat stock exchange.