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Malaysia’s takaful penetration rate up in 2021

The Malaysian Takaful Association (MTA) said that the takaful industry penetration rate in the country rose to 18.6% in 2021, despite the pandemic, from 16.9% in 2020. The increase was the highest growth over a five-year period, according to MTA chairman Elmie Aman Najas. The ratio of the number of Family Takaful in-force certificates to the total Malaysian population grew to 6.07 million certificates in 2021 against 5.51 million in 2020. Takaful is an Islamic insurance structure where members contribute money into a pool system to guarantee each other. Overall, the Family Takaful new business registered MYR8.5bn in gross contribution, a 29.7% rise from MYR6.59bn in 2020, Najas said.

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