The Malaysian Takaful Association (MTA) today  officially launched Hijrah27, solidifying a comprehensive strategic transformation plan that charts the future for the Takaful industry. 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 value. 

The launch was attended by the Bank Negara Malaysia (BNM) Deputy Governor Encik Adnan Zaylani bin Mohamad Zahid as well as industry luminaries from Malaysia  International Islamic Finance Centre and other key organisations. 

Themed ‘Sama Berlindung, Sama Beramal, Sama Berjaya... Takaful Untuk Semua’, it highlighted Takaful operators’ strong commitment to elevate Takaful to be the  preferred protection choice for all Malaysians. Hijrah27 is set to transform the Takaful  landscape while advancing the nation’s leadership in Shariah-compliant finance. 

Building on four decades of progress, Hijrah27 anchors the next phase of Takaful  industry growth on eight strategic thrusts, including digital innovation and strengthening regulatory governance. 

At its core, the framework focuses on broadening public understanding of Takaful and  expanding its reach to underserved segments, including micro, small, and medium  enterprises (MSMEs). It also seeks to enhance professionalism among Takaful  representatives and promote initiatives aligned with environmental, social, and  governance (ESG) aspects. 

Hijrah27 addresses 19 key challenges spanning awareness, distribution, digital,  product competitiveness, talent and ESG, identified through engagements with  industry stakeholders and decision-makers.

The strategic thrusts of Hijrah27 are underpinned by essential success factors:  fostering an empowering organisational culture, ensuring cohesion and discipline  across the sector, and enhancing cross-industry collaboration. Through these  commitments, Hijrah27 aims to drive impactful and sustainable growth across the  Takaful industry in Malaysia. 

The launch of Hijrah27 follows the recent introduction of the revolutionary Maqasid al Shariah Scorecard (MSS) in October 2024. A first-of-its-kind, the MSS integrates  qualitative aspects that centre on how well initiatives support vulnerable communities  and foster inclusivity to ecourage greater acceptance of Takaful. The MSS is poised  to reinvent the key performance indicators for ethical and operational excellence, and  together with Hijrah27, it will reinforce Malaysia’s leadership position and commitment  to delivering both financial and social value. 

At the same event which celebrated the Takaful industry’s 40th anniversary in Malaysia, MTA unveiled a special report capturing notable industry achievements,  trends and overall market outlook. 

MTA Chairman Elmie Aman Najas said, “The Takaful industry has progressed  significantly over the past four decades, from establishing core principles and  frameworks to developing its market presence and improving governance structures.  Penetration rate has risen to an encouraging 20%, up from 15%, reflecting growing  appreciation for Takaful principles. In the last 10 years alone, Takaful assets have  more than doubled to RM55.6 billion from RM23 billion in 2014.” 

“Looking ahead, we want to make Takaful more relevant, accessible, and impactful. That is our mandate. We envision a future where Takaful protection is inclusive and  responsive to the needs of a diverse Malaysian population, catalysing and maintaining the growth momentum of Takaful. We will continue to emphasise collaborations,  comprehensive awareness, and product and service innovation to widen protection for  the unserved and underserved rakyat so that every Malaysian has a social safety net,” he continued. 

Hijrah27 follows the success of the MTA Reform Plan 2022-2023 known as ISLAH23,  and aligns MTA’s mission with the visionary goals of the Financial Sector Blueprint  2026 and the industry's Value-Based Intermediation for Takaful (VBIT) framework. 

In commemoration of the industry’s Ruby Jubilee, MTA also hosted a special Yassin  recital ceremony (Majlis Bacaan Yassin Perdana) at the Tuanku Mizan Zainal Abidin Mosque in Putrajaya on 7 November 2024 which was live streamed to allow broader access for those who wish to participate remotely. It included a congregational  Maghrib prayer, Surah Yassin recitation, and a motivational sermon. 

Attended by approximately 500 participants including Shariah-related members and  scholars across 30 mosques nationwide, the proceedings centered around  strengthening communal bonds and praying for the continued success of the Takaful  industry as well as the nation’s prosperity and well-being. It served as a symbol of  appreciation, grounding the Takaful industry in its values while reinforcing a shared  commitment to ethical and Shariah-aligned growth. 

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