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1A N N U A L R E P O R T
2 A N N U A L R E P O R T
List of Member Companies
ACR Retakaful BerhadUnit A-12A-10, Level 12AMenara UOA Bangsar 5, Jalan Bangsar Utama 159000 Kuala LumpurTel: 03 2299 2288Fax: 03 2299 2289 Web: www.acrretakaful.com
AIA PUBLIC Takaful BhdLevel 14, Menara AIA99, Jalan Ampang50450 Kuala LumpurTel: 03 20371333Fax: 03 2056 3690Hotline: 1300 88 8922 Web: www.aiapublic.com.my
AmMetLife Takaful BerhadLevel 23, Menara Sentrum,No. 201, Jalan Tun Sambanthan,50470 Kuala LumpurTel: 03 2271 8000Fax: 03 2272 3229Hotline: 1300 22 9777 Web: www.ammetlifetakaful.com
Etiqa Family Takaful BerhadLevel 21, Tower CDataran MaybankNo 1, Jalan Maarof59000 Kuala LumpurTel: 03 2297 1888Fax: 03 2297 1800Hotline: 1 300 13 8888Web: www.etiqa.com.my
Etiqa General Takaful BerhadLevel 20, Tower CDataran MaybankNo 1, Jalan Maarof59000 Kuala LumpurTel: 03 2297 1888Fax: 03 2297 1800Hotline: 1300 13 8888Web: www.etiqa.com.my
Great Eastern Takaful BerhadLevel 3Menara Great Eastern303 Jalan Ampang50450 Kuala LumpurTel: 03 4259 8338Fax: 03 4259 8808Hotline: 1300 13 8338Web: www.greateasterntakaful.com
Hong Leong MSIG Takaful BerhadLevel 5, Tower B, PJ City DevelopmentNo.15A, Jalan 219, Seksyen 51A46100 Petaling JayaSelangor Darul EhsanTel: 03 7650 1800Fax: 03 7620 6730Web: www.hlmtakaful.com.my
HSBC Amanah Takaful (Malaysia) Berhad8th Floor, North TowerNo. 2, Leboh Ampang50100 Kuala LumpurTel: 03 2075 3000Fax: 03 2031 0833Hotline: 1800 88 9659Web: www.takaful.hsbcamanah.com.my
Malaysian Re Retakaful Division 12th Floor, Bangunan Malaysian Re No. 17, Lorong Dungun Damansara Heights 50490 Kuala LumpurTel: 03 2096 8000Fax: 03 2092 1677Web: www.malaysian-re.com.my
Munich Re Retakaful (Munchener Ruckversicherungs-Gesellschaft)Suite 13.1, Level 13 Menara IMC, 8 Jalan Sultan Ismail 50250 Kuala LumpurTel: 03 2380 8500Fax: 03-2032 5955Web: www.munichre.com/en/reinsurance/business/retakaful/default.aspx
Prudential BSN Takaful BerhadBrand and CommunicationsLevel 8A, Menara PrudentialNo. 10 Jalan Sultan Ismail50250 Kuala LumpurTel: 03 2053 7188Fax: 03 2026 7688Web: www.prubsn.com.my
Sun Life Malaysia Takaful BerhadLevel 11, 338Jalan Tuanku Abdul Rahman50100 Kuala LumpurTel: 03 2612 3600Fax: 03 2614 3550Hotline: 1-300-88-5055Web: www.sunlifemalaysia.com
Swiss Re Retakaful (Swiss Reinsurance Company Ltd.)No. 10, Persiaran KLCCLevel 13A-2, Naza Tower @ Platinum Park50088 Kuala LumpurTel: 03 2633 5800Fax: 03 2633 5803Web: www.swissre.com/reinsurance/insurers/retakaful/
Syarikat Takaful Malaysia BerhadMenara Takaful MalaysiaNo.4, Jalan Sultan Sulaiman50000 Kuala LumpurTel: 1300 88 252 385Fax: 03 2274 0237Web: www.takaful-malaysia.com.my Takaful Ikhlas BerhadIKHLAS Point,Menara 11A, Avenue 5, Bangsar South, No. 8, Jalan Kerinchi59200 Kuala LumpurTel: 03 2723 9999Fax: 03 2723 9998Web: www.takaful-ikhlas.com.my
Zurich Takaful Malaysia Berhad8th Floor, No. 566 Jalan Ipoh51200 Kuala LumpurTel: 03 6287 6666Fax: 03 6259 0088Web: www.zurich.com.my
3A N N U A L R E P O R T
01Table of Contents
4567781717181923
About MTA | 01
Chairman’s Message | 02
Management Committee 2017–2019 | 04
Representatives in other Organisations and Committees | 05
MTA Subcommittees | 06
Key Figures & Development of the Takaful Industry | 07
Research & Developments of the Industry | 08
Talent and Intermediaries Development | 09
Events, Conferences and Seminars | 10
Takaful Awareness Activities | 11
Courtesy Visits and Talks | 12
4 A N N U A L R E P O R T
Malaysian Takaful Association (MTA) was formed in November 2002 under the Malaysian Societies Act of 1966. The objectives of MTA are essentially to promote the interests of its members and to supervise self-regulation within the Takaful industry. Currently, a total of 12 Takaful operators and 4 Retakaful operators are member companies of MTA.
MissionTo provide leadership on issues bearing on the industry’s collective strength and image, locally and internationally to benefit the industry as a whole.
Vision• Sustainably profitable and growing Takaful industry
in Malaysia.• An industry that can be trusted and recognised as
contributing to society and the economy.• An economic and public policy climate conducive to a
flourishing industry.• A trade body recognised as providing active
leadership and an authoritative collective voice for the Takaful industry
Object and Power of MTAMTA was established to foster cooperation and mutual understanding amongst its registered members, whilst furthering the interests of the Takaful concept01
About MTA Promote and
represent the interests of members and also the foundation of a sound Takaful structure with cooperation
Institute strategic alliances and co-operation with other similar associations both locally and internationally.
Promote the benefits of Takaful to the government, regulators, policy makers and the public.
Represent the Malaysian Takaful industry to government, regulators and policy makers in locally and internationally, driving effective public policy and regulation.
Advocate high standards of services within the industry and provide useful information to the public about Takaful.
Collect, collate and publish statistics and any other relevant information relating to Takaful to members
5A N N U A L R E P O R T
02Chairman’s Message
The industry has been working tirelessly on the LIFE Framework leading up to the splitting of licences between family and general Takaful that will take place in 2018. With the LIFE Framework already in its third year of implementation, the industry has achieved quite a feat in ensuring the initiatives are implemented such as the mock run of balanced score card for agents, building the direct channels presence by offering commission-free term takaful, simplification of customer fact find form, enhancement of product disclosure in sales illustrations and getting a dedicated page on MTA website to introduce the LIFE Framework.
MTA has also continued to work closely with other Associations such as the Life Insurance Association of Malaysia (LIAM) and Persatuan Insurans Am Malaysia (PIAM) on several industry initiatives such as the Starter Pack Initiative known as Perlindungan Tenang, National Consumer Education Campaign (NCEC) on Phased Liberalisation of Motor Tariffs as well as the Customer Service Charter which serves as a guide and benchmark for the industry in customer service.
The Association has continued to work with several strategic partners in its effort to raise Takaful awareness. This year, the Association took part in
a roadshow to four higher learning institution in the southern region as part of industry’s effort to engage with the young generations and educate the Gen Y on the importance of financial protection.
In this regard, the Association will continue to play central role as the industry’s representative body and strive even harder in ensuring strong growth momentum amidst strong economic fundamentals and lower penetration rate.
On behalf of the Management Committee, I would like to express my sincere appreciation to all members companies and their representatives for their service, commitment and dedication for their support to MTA’s initiatives and activities. Their continued commitment and determination has become the catalyst for the Association to move forward.
While ensuring the Takaful industry grows in manifold, it is pertinent that the industry stay true to its concept of helping one another “Taawun”, which is one of the fundamental pillars of Takaful. I strongly believe that through the spirit of mutuality and togetherness between Member Companies, MTA would be able to contribute significantly in achieving higher penetration rate and ensuring the Takaful industry grows from strength to strength.
Lastly, I wish to thank my appreciation to the Secretariat team for their hard work and dedication for carrying duties in ensuring smooth operations and activities of the Association.
Encik Muhammad Fikri Mohamad RawiChairman
6 A N N U A L R E P O R T
04Management Committee 2017–2019
Encik Muhammad Fikri Mohamad RawiChairman
Sun Life Malaysia Takaful Berhad
Encik Elmie Aman NajasCommittee Member
AIA PUBLIC Takaful Bhd.
Encik Mohd Asri OmarCommittee Member
Hong Leong MSIG Takaful Berhad
Dr. Mohamed Rafick Khan Abdul Rahman
Committee MemberMunich Re Retakaful
Encik Marcel Omar PappCommittee MemberSwiss Re Retakaful
Encik Zafri Abd HalimTreasurer
Etiqa Family Takaful Berhad
Encik Shahrul Azlan ShahrimanCommittee Member
Great Eastern Takaful Berhad
Puan Hajah Mili Mohd YusoffCommittee Member
Malaysian Re Retakaful Division
Encik Nor Azman ZainalCommittee Member
Prudential BSN Takaful Berhad
Encik Azli MunaniCEO/Executive Secretary
Datuk Hj. Ab Latif Hj. Abu BakarDeputy Chairman
Takaful Ikhlas Berhad
7A N N U A L R E P O R T
06MTA Subcommittees
05Representatives in Other Organisations and Committees
Malaysian international IslamicFinancial Centre (MIFC)
Family Takaful
Shariah Advisory
Corporate Communications
General Takaful
LIFE Framework Taskforce
Finance
Intermediaries Registration and
Development
National Payments Advisory Council
IBFIMISM Insurance Services Malaysia BerhadMalaysian Financial Planning Council –National Council
Financial Services Profession Board (FSPB) Working Group Code of Ethics
Chartered Institute of Islamic Finance Professionals (CIIF) – Governing PanelMalaysian Code of Institutional Investors (MCII) – Steering CommitteeISM Fraud Intelligence System (FIS) – Steering Committee
Joint Insurance – Takaful Council (JITC)
Takaful Examination BoardMalaysian Accounting Standards Board – Standing Committee
IBFIM’s Capacity Building Project (CBP – Steering Committee
Financial Industry Collective Outreach (FINCO)
Financial Sector Talent Enrichment Programme (FSTEP) – Steering Committee
Regulatory and Risk
Human Resource Development
8 A N N U A L R E P O R T
07Key Figures & Development of the Takaful Industry
Snapshot of Takaful Industry Performance in 2017
RM2.56bGeneral Takaful Gross Contribution
Family Takaful Penetration Rate
14.66%Family Takaful certificates in force as a percentage to the total population 2017
75,719Registered Individual Takaful Agents
17,593New Individual Agents
Family Takaful Market Performance in 2017
New business RM4.35bRM3.95b compared to 2016 Annual Gross Contribution
10.12%
Family Takaful Certificate Inforce
4.74m
Family Takaful Business Inforce
RM4.35b
Total Assets 2017 RM29.3b2016: RM26.8b
Family TakafulTotal Assets 2017 RM25.6b2016: RM23.2b
General TakafulTotal Assets 2017 RM3.65b2016: RM3.59b
9.37%
10.6%
1.5%
9A N N U A L R E P O R T
Distribution Channels: Family Takaful New Business
General Takaful Market Performance in 2017
Annual Contributions 2.1%
21.4%
1.4%
6.4%
14.5%
57.5%
82%
14.6%Single
Contributions
Others
Brokers
Bancatakaful
Agents
General Takaful Gross Written Contributions
RM2.561b RM153 million increased compared to 2016
6.4%
Moderate growth for Gross Contributions Motor Takaful
RM1.52b 2016: RM1.46b
4.1%
2016: 2.3%
Single digit growth for Gross Contributions Non-Motor Takaful
RM1.04b 2016: RM0.95b
9.47%
2016: 8.6%
Net Claims Incurred Ratio (NCIR)
2016
2017
49.0%
51.1%
63.5%
66.4%
9.1%
19.5% 17.4%25.5%
47.25%45.1%
58.0%
1.8%
40.9%23.7%
OverallMotorFireMedical & HealthMATPersonal accidentMiscellaneous
10 A N N U A L R E P O R T
Agency Registrations Statistics
CategoryFamily Takaful
VarianceGeneral Takaful
Variance2017 2016 2017 2016
Banca 16,455 15,102 1,353 2,612 2,113 499
Non-Banca 46,364 48,447 - 2,083 10,288 10,670 - 382
Total 62,819 63,549 - 730 12,900 12,783 117
Registered Individual Agents in 2017 and 2016 (Breakdown by Categories)
Registered Individual Takaful Agents by Gender
Registered Individual Takaful Agents by Race
Family
General
41,130
7,653 4,835
18,8152,026
302 110
848 MalayChineseIndianOthers
BANCA NON–BANCA
Family49%
General48%
Family51%General52%
Family Takaful General Takaful
2017 2017
20%
80%
26%
74%
11A N N U A L R E P O R T
CategoryFamily Takaful
VarianceGeneral Takaful
Variance2017 2016 2017 2016
Banca 3,543 3,637 -94 778 614 164
Non-Banca 12,860 14,170 -1,310 412 295 117
Total 16,403 17,807 -1,404 1,190 909 281
New Registration of Individual Agents in 2017 and 2016
Registered Individual Takaful Agents by Age bands
Family
General
5,441
2692,885
27,276
17,734
4,774 4,972
12,368 18 - 2526 - 3536 - 4546 & above
BANCA NON–BANCA
2017
2016
Family Total: 132General Total: 1,260
48%
58%
52%
42%
New Registration of Corporate Takaful Agents in 2017 and 2016
Category 2017 2016 Total
General 720 530 1,250
Family 64 68 132
Family Takaful
24% 20%
74% 80%
General Takaful
35% 32%
65% 68%
12 A N N U A L R E P O R T
Exam Structure RegisteredAbsent
SatPassed
No % No %Part A and B 2,824 399 14 2,425 1,990 82
Part A and C 28,643 4,197 15 24,446 16,323 67
Part B 772 99 13 673 597 89
Part C 604 28 5 576 339 59
Total 32,843 4,723 14 28,120 19,249 68
Takaful Basic Examination (TBE) Statistics
Passing Rate January 2017 to December 2017
Jan MayFeb Jun SeptMar Jul OctApr Aug Nov Dec
63%
72%
66%71% 70%
64%67%
65%65%
71%73% 72%
Passing Rate (%)
Part A + B Part A + C
81 78 83 83848481 84 8283 89 76
70 72 70 70606371 68 6567 63 63
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
83 84 87 89858993 93 9198 89 77
75 85 73 76647774 71 4951 52 40
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
Part B Part C
13A N N U A L R E P O R T
Passing Rate Comparison by Qualifications from January to December 2017
Part A and B Part A and C Part B Part C TOTALRegistered 1,327 12,497 327 245 14,396
Absent 181 1,954 65 12 2,212Sat 1,146 10,543 262 233 12,184
Passed 911 6,126 226 113 7,376
Passing Rate % 79 58 86 48 61
STPM/Matriculation/A-level holder or equivalent
Registered 114 976 8 20 1,118Absent 18 146 - 1 165Sat 96 830 8 19 953Passed 72 498 8 8 586Passing Rate % 75 60 100 42 61
Diploma
Registered 533 6,861 164 108 7,666Absent 83 1,050 17 6 1,156Sat 450 5,811 147 102 6,510Passed 350 3,642 130 67 4,189Passing Rate % 78 63 88 66 64
Bachelor Degree or equivalent
Registered 787 7,606 252 212 8,857Absent 104 939 16 8 1,067Sat 683 6,667 236 204 7,790Passed 609 5,545 213 136 6,503Passing Rate % 89 83 90 67 83
OthersRegistered 63 703 21 19 806Absent 13 108 1 1 123Sat 50 595 20 18 683Passed 48 512 20 15 595Passing Rate % 96 86 100 83 87
GRAND TOTALRegistered 2,824 28,643 772 604 32,843Absent 399 4,197 99 28 4,723Sat 2,425 24,446 673 576 28,120Passed 1,990 16,323 597 339 19,249Passing Rate % 82 67 89 59 68
14 A N N U A L R E P O R T
Key Developments of the Industry
Life Insurance and Family Takaful (LIFE) FrameworkThe LIFE Framework has approached its third year of implementation from when it first started in December 2015., While many Takaful operators faced a lot of challenges to implement the initiatives set out under the Framework, the establishment of a special Task Force that monitors and deliberate on any related issues has helped to pave way for a smooth implementation of the LIFE Framework. In 2017, the industry has achieved a great deal of achievement in implementing the following initiatives:
i. Mock run of balanced score card for agentsii. Building presence of direct channels by offering
commission-free term takafuliii. Simplification of customer fact find formiv. Enhancement of product disclosures in sales
illustrationsv. Introduction of LIFE Framework page on MTA
Website
Direct Distribution Channel for Pure Protection ProductsSet out as one of the initiative under LIFE Framework, which requires all family takaful operators to offer commission free standalone pure protection products namely term, critical illness and medical and health insurance/takaful through at least one direct channel. These non-intermediated channels are to be made widely accessible for consumers to purchase/participate in pure protection products directly from family takaful operators, either at their head office and branch premises, or online through their websites.
Bank Negara Malaysia has (BNM) issued a policy document on Direct Distribution Channels for Pure Protection Products in order to facilitate the smooth implementation of the initiative. On 1 July 2017, the industry has launched its first range of term products for consumer to purchase either via online or over the counter at the head office and branch premises. Pure protection critical illness and pure protection medical and health products are expected to be made available in 1 July 2018.
Fakta Penembusan 2016 untuk petunjuk-petunjuk terpilih
Langganan selular mudah alihLangganan prabayar
Langganan jalur lebarPemilikkan kenderaan bermotor (2015)
Pemilikkan polisi insurans hayatPemilikan motosikal (2015)
Pemilikkan kereta (2015)Langganan pascabayar
Langganan TV berbayarPemilikan sijil Takaful keluarga
Langganan telefon tetap
Peratusan Penembusan =
Bilangan langganan / pemilikanJumlah penduduk
Sumber:https://www.mcmc.gov.my/skmmgovmy/media/general/pdf/Statistical-pocket-Book-2016https://www.data.gov.my/data/ms MY/dataset/bilangan-kenderaan-di-atas-jalan-raya-mengikut-negerihttps://bnm.gov.my/files/publication/msb/2017/4/xls/4.6.1.xlshttps://bnm.gov.my/files/publication/msb/2017/4/xls/4.8.xls
40 60 80 100 120 140
141.3%
38.9%
99.8%
30.9%
110.4%
38.2%
84.7%
20.0%
40.7%
14.9%14.5%
15A N N U A L R E P O R T
Starter Pack Initiative: Perlindungan TenangBank Negara Malaysia has embarked on the “Perlindungan Tenang” initiative to develop insurance and Takaful products designed to meet the needs of underserved segments particularly the bottom 40% of households (B40) in line with their agenda to enhance financial inclusion of the underserved segments in Malaysia. The objective is to develop a sustainable market where insurers and Takaful operators offer a diverse range of products through various distribution channels. In 2016, the Department of Statistics Malaysia defined B40 households as those earning up to RM4,360 per month.
Perlindungan Tenang was launched at the Karnival Kewangan in Kuching, Sarawak and three Takaful operators have offered their product under the initiative, namely:
i. AIA PUBLIC Takaful Bhd. – AIA i-Starter Planii. Prudential BSN Takaful Berhad – Lindungiiii. Takaful Ikhlas Berhad – AGRO Mabrur-i
Operating Cost Controls for Life and Family Takaful BusinessThe deregulation of operating cost control limits will accord licensed persons greater flexibility to manage operating expenses that commensurate with their business strategies and encourage greater innovation and competition. This will be accompanied by standards to strengthen the professionalism of insurance and takaful intermediaries. In December 2017, Bank Negara Malaysia issued a policy document for the industry and is applicable to licensed insurers carrying on life business and licensed takaful operators carrying on family takaful business. The policy document shall come into effect starting 1 January 2018.
Customer Service Charter for Insurance and Takaful IndustryIn 2017 BNM has requested the Insurance and Takaful industry to develop and introduce the industry’s Customer Service Charter (CSC) for the public. Since then, LIAM, PIAM and MTA have established the Joint Industry CSC Working Group and developed a new CSC for the respective industry. The approved CSC by BNM is expected to be shared to general public through the Associations’ respective website and its members starting 1 January 2018. Established on 4 pillars, the CSC will serve as a guide and a benchmark for the industry in customer service. The 4 Pillars are:
i. Insurance made Assessibleii. Know Your Customeriii. Timely, Transparent and Efficient Servicesiv. Fair, Timely and Transparent Claim Settlement
Process
Insurance and Takaful Industry’s Code of Practice (COP) for Personal Data Protection Act (PDPA) 2010The Insurance and Takaful Industry’s Code of Practice (COP) for Personal Data Protection Act (PDPA) 2010 was published on 24 February 2017. Developed by Joint insurance and Takaful industry Working Group, the COP is the insurance and takaful industry guideline in managing/handling personal data in conformance to the requirement and stipulations of the Personal Data Protection Act 2010. The working group also developed and distributed the training materials on the COP for the industry members to help train the intermediaries and staffs.
Phased Liberalisation of Motor and Fire TariffsThe phased liberalisation of motor and fire tariffs was launched on 1 July 2017 about one year after Bank Negara Malaysia (BNM) released its Policy Document of Phased Liberalisation of Motor and Fire Tariffs. This will impact the way motor insurance/Takaful is being priced and it is hoped that through this change, consumers will have greater options and choices made available to them. In ensuring the smooth launching of the phased liberalisation, two working groups have been established as follows:
Independent Review Committee (IRC)
In compliance with the Policy Document of Phased Liberalisation of Motor and Fire Tariff, the Association has established an Independent Review Committee (IRC) to review the existing and new products submission by Takaful operators.
The IRC’s function is to ensure the definition of common terms on the certificates are appropriate, consistent and will not lead to ambiguity or confusion to certificate owners.
Joint Task Force (JTF) on Communications for National Consumer Education Campaign (NCEC) on Phased Liberalisation
The Association is part of the Task Force on Communications for National Consumer Education Campaign (NCEC) that comprises of Bank Negara Malaysia (BNM) and Persatuan Insurans Am Malaysia (PIAM) that was set up to educate consumers with regards to options made available to them when choosing the right type of motor and fire insurance/Takaful products. It also focused on creating awareness amongst public on the price changes of motor Takaful which took place in July 2017.
The Task Force was also responsible in overseeing the nationwide campaign with involvement of Association members.
16 A N N U A L R E P O R T
Key Industry Deadlines
17A N N U A L R E P O R T
MTA has collaborated with ISRA’ to conduct shariah researches on subjects that are related to Takaful. The research concluded in year 2017 were:
GST on Tabaru’The objective of the research is to explain the structure of GST on Takaful products a focus on Tabarru’ fund. The research will also highlight maqasid shariah (objective) of Takaful with regard to taxation and the effects of GST on customer. ISRA has published the research note on 19 December 2017.
Compensation of Late Payment of Death ClaimThe objective of the research is to seek Shariah issue in regards to compensation and whether beneficiary is eligible to receive the amount or whether it needs to be channelled out to charitable organizations. Research note has been published on 19 December 2017. The findings from the research will be presented to the industry in Quarter 1, 2018.
Leadership Agency and Management Program (LAMP)The industry is endeavouring to develop the LAMP Modules that can elevate the professionalism of Takaful Agency leaders. IBFIM has been requested to develop a basic agency management course for Takaful aspiring leaders similar to the BAMC program managed by the Malaysian Insurance Institute (MII).
The LAMP modules were further enhanced in 2017 while the contents and syllabus underwent industry’s moderations. The LAMP modules also include Shariah components therefore differentiating it from BAMC. Currently in its final phase, the system for LAMP launching is scheduled in Quarter 2, 2018. The LAMP Train The Trainer (TTT) sessions were held as follows:
Young Takaful Manager Leadership (YTML) Program Designed for middle management managers looking for cross-functional management leadership training, the programwas intended to help young managers prepare and position themselves for higher responsibility, boost their confidence and gain deeper understanding of change issue facing the industry. The YTML program made its inaugural debut in January 2017 with a total of 20 participants from the industry. The program was fully funded under the Capacity Building Fund (CBP).
Chartered Takaful Practitioner (CTP)The Chartered Takaful Practitioner (CTP) was developed under the Capacity Building Project by IBFIM to promote the enhancement of professionalism among Takaful practitioner. Once fully developed, the CTP will comprise of three levels with nine modules. CTP is slowly being transferred to the Chartered Institute of Islamic Finance (CIIF) in the last quarter of 2017. IBFIM and CIIF are currently discussing on the transfer terms and condition as well as the IP ownership.
08Research & Developments of The Industry
09Talent And Intermediaries Development
22 – 24 August : 24 participants
20 – 12 October : 21 participants
18 A N N U A L R E P O R T
participants from all members companies and the highlighted topic for program are as follows:
• Understanding Market Liberalization in a Takaful Environment
• Industry Performance and Update on Phased Liberalisation
• Empowerment and Transformation• Relevance of General Agents in a Digitally Disrupted
Environment• Thriving in a Competitive Takaful Market – An Agent’s
Perspective
Supporting Association for the Following Conferences:HALFEST ASEAN 2017On 25 to 27 August 2017, MTA was invited as the supporting Association for the Halfest ASEAN 2017. MTA was also given the opportunity to speak as guest speaker at the following:
Day / Date : Friday / 25 August 2017
Venue : Mines Exhibition Center
Topic : Awareness on Takaful
Speaker : Yusaini Yusof, Prudential BSN Takaful Berhad
Day / Date : Saturday / 26 August 2017
Venue : Mines Exhibition Center
Topic : What is Motor Takaful Liberalisation in Malaysia
Speaker : Suparno Ahmad, Hong Leong MSIG Takaful Berhad
Shariah Fintech Forum 2017 The Association of Shariah Advisors in Islamic Finance Malaysia (ASAS) organised its inaugural Shariah Fintech Forum 2017 (the Forum) that was held in Kuala Lumpur from 7 – 8 November 2017. Malaysian Takaful Association (MTA) was the supporting association for the event. The forum aims to bring together experts from all over the world, the Shariah and Fintech to showcase cutting-edge banking, financial and payment technology and advancements in the entire financial ecosystem.
The Takaful Rendezvous 2017The Takaful Rendezvous was held on 20 – 21 September, 2017 at Mandarin Oriental Hotel, Kuala Lumpur. The theme of the Takaful Rendezvous 2017, “Takaful 2.0: To Soar to Greater Heights – Making Takaful Better Fit for Purpose” focused on solutions to overcome the challenges and explore hidden avenues for growth to stay ahead of the competition. MTA has continued to be the supporting Association for this annual event.
10Events, Conferences and Seminars
Takaful StarNite 2017- Dinner and Awards NightThe Takaful StarNite 2017 was held on 25 March 2017 at Grand Ballroom Sime Darby Convention Centre Kuala Lumpur. The guest of honour who graced the event was Deputy Governor Encik Shaik Abdul Rasheed Ghaffour. Attended by some 700 guests, the event also received media coverage from Utusan Malaysia.
Subcommittees Appreciation Hi TeaThe Subcommittees Appreciation Hi Tea was held on 8 May 2017. The event was a small gesture by MTA in appreciating all the efforts undertaken by subcommittee members and for their commitment towards industry initiatives throughout the 2015 – 2016 terms. This event not only allow subcommittee members the chance to get together but also strengthen its Takaful fraternity bond.
General Takaful Agents Convention 2017The General Takaful Agent Convention was held on 2 August 2017. MTA Chairman presented the keynotes address at the event that was attended by 160
19A N N U A L R E P O R T
11Takaful Awareness Activities
Under the Takaful Awareness Framework, there are 5 pillars of execution plan that have been identified as part of the campaign strategy that includes Media Plan, Community Engagement, Lecture Series, Collaboration with other organization.
Community EngagementJalinan Takaful IftarMTA and Etiqa Takaful Berhad have jointly organized the Jalinan Takaful Iftar Ramadhan event as part of the Community Engagement pillar with the aim of engaging the targeted communities to create Takaful awareness within their locality. The event was held on 12 June 2017 at Masjid Tun Hussein Onn Cheras.
MTA and Etiqa volunteers also took Rumah Permata Hati orphans raya shopping at AEON Cheras Selatan during the day. The event also include Ramadhan talk by Ustaz Johari Abdul Wahab followed by presentation of duit raya and food hampers to the orphans, poor folks, (asnaf) and Muallaf.
Lecture SeriesThe lecture series continued in 2017 as part of MTA’s Takaful awareness program. The objective is to create awareness among the young adults at higher learning institution through industry lectures. The following lectures were conducted in 2017:
Audience : Universiti Sultan Zainal Abidin (UniSZA), Terengganu
Date : 3 January 2017
Venue : Malaysian Takaful Association
Topic : Challenges in Takaful Industry
Speaker : Encik Nuur Idaman Bin Abd Rahman – Takaful Ikhlas Berhad
Audience : Students of Diploma in Business Studies and Diploma in Insurance Studies, Politeknik Sultan Salahudin Abdul Aziz Shah
Date : 28 February 2017
Venue : Politeknik Sultan Salahudin Abdul Aziz Shah
Speaker : Puan Yusaini Yusof, Prudential BSN Takaful Berhad
Audience : Politeknik Metro Johor Bahru
Date : 3 March 2017
Venue : Auditorium IBFIM
Topic : Introduction to Takaful
Speaker : Puan Nur Ivy Edmeades, Malaysian Takaful Association
Audience : 15 Students of Actuarial StudyUniversiti Teknologi MARA (UiTM) Shah Alam
Date : 16 May 2017
Venue : Malaysian Takaful Association
Topic : Introduction to Takaful Industry
Speaker : Puan Nur Ivy Edmeades / Encik Mohd Nazmi HosnihMalaysian Takaful Association
Audiences : Faculty of Economy, University Malaya
Date : 22 August 2017
Venue : Social Security Research Centre, Faculty of Economy of UM
Topic : Policy Forum on Insurance and Takaful Industry
Speaker : Encik Azli Munani, Malaysian Takaful Association
Audiences : Students of IIUM Institute of Islamic Banking and Finance (IIiBF)
Date : 15 December 2017
Venue : International Islamic University Malaysia (IIUM)
Topic : The Liberalisation of General Insurance and Takaful in Malaysia: Issues and Challenges
Speaker : Encik Suparno Ahmad, Hong Leong MSIG Takaful Berhad
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CollaborationsCollaboration with Yayasan Dakwah Islamiah Malaysia (YADIM)Already in its third year running, the collaboration with YADIM has become an integral part promoting Takaful awareness through the Cinta Muamalah program. In 2017, MTA was able to reach out to communities through the various Takaful talk series during Kembara Muamalah Masjid and Jelajah Muamalah Ummah.
Cinta Muamalah Short Video ContestAs part of the Cinta Muamalah program, a short video contest was held from 1 April to 30 September 2017 and was opened to all universities and college students. Participants were given the following titles to choose from for their video:
i. Industri Takaful Di Malaysia;ii. Keperluan Takaful dari Perspektif Syara’; iii. Perbezaan Antara Takaful dan Insuran; iv. Takaful Sebagai Salah Satu Tempat Pelaburan; danv. Hibah Takaful Elak Masalah Agihan Harta Pusaka.
The Cinta Muamalah prize giving ceremony was held on 14 December 2017. The winner for the contest are as follow:
1. First Place – Muhammad Ismail – Sekolah Menengah Agama Kuala Lumpur (SMAKL)
2. Second Place – Muhammad Fakrulrazi – UiTM Puncak Alam
3. Third Place – Thirumathiraram – Kolej Poli-Tech Mara, Perak
4. Fourth Place – Danial Sakirin – Kolej MARA, Kulim, Kedah
5. Fifth Place – Fatin Lyana – Kolej Poli-Tech Mara, Perak
Kembara Muamalah Masjid Bersama Jabatan Agama Islam Negeri Sembilan (JHEAINS)This year’s collaboration with YADIM saw the participation of MTA in the Kembara Muamalah Masjid bersama Jabatan Agama Islam Negeri Sembilan (JHEAINS). A total of 7 roadshows were organised by YADIM at various mosques in the Negeri Sembilan such as Seremban, Jempol, Jelebu, Tampin, Kuala Pilah, Rembau and Port Dickson.
Jelajah Muamalah Ummah Dan Karnival Muamalah 2017MTA took part in the 4-day roadshow known as the Program Jelajah Muamalah Ummah Bersama Politeknik Malaysia (Zon Selatan) dan Karnival Muamalah Ummah 2017. The program was a collaboration between YADIM and Bahagian Pembangunan Pelajar, Jabatan Pendidikan Politeknik, Kementerian Pendidikan Malaysia. It was held from 10 to 14 June 2017 at four Politeknik locations, Politeknik Mersing Johor, Politeknik Ibrahim Sultan, Pasir Gudang Johor, Politeknik Merlimau Melaka and Politeknik Port Dickson Negeri Sembilan.
This program also include participation from the Association of Islamic Banking Institution Malaysia (AIBIM), IBFIMand Yayasan Pembangunan Ekonomi Islam Malaysia (YaPEIM). YADIM’s program has also received media coverage by RTM, TV9 and Kosmo.
The program aims to spread awareness and better understanding to the concept of Islamic Finance to the community at large and also to cultivate ideas and thought on Muamalah system into the people.
Venue : Politeknik Mersing Johor
Speaker : Ustaz Mohamed Hadi Abdul HamidEtiqa Takaful Berhad
Venue : Politenik Ibrahim Sultan, Pasir Gudang Johor
Speaker : Branch ManagerTakaful Ikhlas Berhad
Venue : Politeknik Merlimau Melaka
Speaker : Ustaz Abdul Hakim JohariPrudential BSN takaful Berhad
Venue : Politeknik Port Dickson, Negeri Sembilan
Speaker : Ustaz Mohd Hafizal EliasGreat Eastern Takaful Berhad
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Collaboration with Amanah Ikhtiar MalaysiaAmanah Ikhtiar Malaysia (AIM) and MTA have collaborated in a program for Sahabat AIM from Ampang, Kuala Lumpur and Selangor region. MTA was given the opportunity to present on Takaful awareness to about 250 participants. The program’s details were as follows:
Day / Date : Thursday/23 February 2017
Venue : Galaxy Ampang
MTA Session : Risiko dalam Perniagaan Anda dan Takaful sebagai Alternatif
Program : MobileLINK Engagement ProgramDate : 2 – 3 April
Venue : i. Pasir Panjang, Port Dicksonii. Kuala Pilah, Negeri Sembilan
Date : 14 – 16 April
Venue : i. Hulu Berang, Hulu Terengganuii. Pekan Kuala Telemung Hulu
Terengganuiii. Kampung Belukar Sukai, Kepong, Hulu
Terengganu
Date : 12 – 14 May
Venue i. Pangkal Meleret, Machang Kelantanii. Mahligai, Bachok Kelantaniii. Pantai Sri Tujuh, Tumpat Kelantan
Program : Mini Karnival Kewangan Bank Negara Malaysia
Date : 23, 28 and 30 April
Venue : Bakong Senggarang Mukim, Kg Bahru, Batu Pahat
Date : 7 May
Venue : Ayer Molek, Melaka
Date : 20 May
Venue : Segamat, Johor
Engagement Session between Malaysia Digital Economy Corporation (MDEC) and Takaful Industry on FintechRealising that technology is driving the biggest opportunities for change in the way that Takaful industry develops, distributes, underwrites, and administers the products to the consumer, an engagement session between member companies and MDEC was held on 16 August 2017. About 22 participants from members companies attended the session titled “Fintech for Islamic Finance in Malaysia”. The Takaful industry and MDEC is exploring on opportunity to engage potential collaboration with industry players to further advance Fintech in the industry. This effort was also supported by the Islamic Banking and Takaful Department of Bank Negara Malaysia.
Tea Talk Session with Naluri Life A Tea Talk session with Naluri Life was held on 6 September 2017 which was attended by 18 participants from members companies. The objectives of the session are to present and discuss the proposed Naluri digital health prevention program to member companies.
Session with RehanstatThe session with Rehanstat on telematics in Takaful industry was held on 17 October 2017. Rehanstat is the market research firm. The objective of the session was to present and discuss the Usage-Based Insurance (UBI) concept to Takaful companies to innovate the traditional approach and formulate telematics strategies. The presenter was the Founder and CEO/Data Scientist of Rehanstat, Datin Dr. Rehana Kassim. Total of 13 participants from member companies attended the briefing.
Special Session with PolicyStreet.comMTA has invited the fintech company, Policy Street.com to have a special session with industry on 31 October 2017. PolicyStreet is a leading Insurtech company which advances inclusive insurance in Malaysia and the region. The topic of the session was “The Wave of Insurtech and Innovation – How Can You Be Involved?” that was presented by Mr. Lee Yen Min, Chief Executive Officer and Mr. Wilson Beh, Co-Founder & Chief Operations Officer of Policystreet. Total of 22 participants from member companies attended this session.
BNM InitiativesBNM Mobile Link / Mini Karnival KewanganThe BNM Mobile LINK is part of the Bank’s efforts in promoting financial inclusion by extending the outreach to a wider community through its mobile customer service coach. It complements the existing channels of LINK ((Laman Informasi Nasihat dan Khidmat) that offer advisory services to the community. MTA member companies continue to support the Mobile LINK program as well as the mini Karnival Kewangan that was held in various locations as follows:
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BNM Karnival Kewangan: Kuala LumpurBank Negara Malaysia, in collaboration with the financial industry organised the inaugural Karnival Kewangan at the Putra World Trade Centre (PWTC) from 13 to 15 January 2017. The Karnival aims to inform and educate the public on financial matters, including available services that can help individuals and businesses manage their financial affairs more effectively. The following activities were conducted at MTA booth:
Karnival Kewangan East Malaysia: Kota Kinabalu, Sabah The success of the first Karnival Kewangan had prompted Bank Negara Malaysia (BNM) to organise other similar events outside of Kuala Lumpur. The second Karnival Kewangan was held from 4 to 6 August 2017 at Suria Sabah Shopping Mall, Kota Kinabalu. The following activities were conducted at MTA booth:
Date : 12 – 13 July
Venue : i. Pekan Rendang, Kedahii. Balik Pulau, Pulau Pinang
Date : 5 – 6 August
Venue : i. Taman Sri Kerinau, Temerloh Pahangii. Kampung Sri Ketumbit Kerdau,
Temerloh Pahang
Date : 24 – 26 August
Venue : i. Pejabat Daerah & Tanah Hilir Perak, Perak
ii. Cenderong Balai, Perakiii. Batu 10 Lekir, Perak
Date : 9 – 11 September
Venue : i. Batu Talam, Raub Pahangii. Kg Ria Kundang Patah, Raub Pahangiii. JKKK Felda Sg Koyan, Raub Pahang
Date : 11 – 12 November
Venue : i. Kampung Sungai Jelutong, Negeri Sembilan
ii. Kampung Titi Jelebu, Negeri Sembilan
Activities AchievementsSurvey : 920 completed survey
Quizzes : More than 300 visitors participated
Distribute Articles
: Distribution of 600 sets
Snap, Tag & Win
: Increasing followers on MTA social media page
Karnival Kewangan East Malaysia: Kuching, SarawakThe third Karnival Kewangan was held from 24 to 26 November 2017 at One City Mall Exhibition Cente, Kuching. The following activities were conducted at MTA booth:
Key Highlight:
• Launching on Perlindungan Tenang • Media conference on Perlindungan Tenang and
Phased Liberalisation• Pocket Talk session on Phased Liberalisation in
Malaysia by Encik Suparno Ahmad, Hong Leong MSIG Takaful Berhad
Key Highlight:
• MTA Chairman interview session with Berita Harian on Phased Liberalisation
• Pocket Talk session on Phased Liberalisation in Malaysia by Encik Yassir Azlin, Hong Leong MSIG Takaful Berhad
Activities AchievementsSurvey : 280 completed survey
Crossword Puzzle & Rubik Cube
: 926 recorded visitors
Promotion on Direct Channel
: Distribution of 2,000 brochures
Activities AchievementsSurvey : 335 completed survey
Maze quiz & Rubik cube : More than 300 visitors participated
Promotion on Direct Channel, Perlindungan Tenang, Service Guide, LIFE Framework
: Distribution of 1,000 brochures
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12Courtesy Visits and Talks
MTA continues to receive courtesy visits from various embassies and institutions in 2017. The Association will continue to accept visitation requests as it continue to build good network and establish goodwill relationship with relevant parties.
Visitation from Nippon Life Asia Pacific (Regional HQ) Pte. Ltd.The Nippon Life delegates came to visit MTA on 22 February 2017. The purpose of their visit is to obtain current update of Takaful industry in Malaysia.
Visit from Dai-Ichi Life Insurance Company, JapanMTA received total of 12 delegates from Dai-Ichi Life Insurance Company. The visitation was held on 16 October 2017. The aim of their visit was to seek information on Takaful industry in Malaysia.
Visit from Amana Takaful Sri Lanka The Amana Takaful Sri Lanka delegates came to visit MTA between 1 to 9 November 2017. The topics discussed during their visit were:
• Family Takaful operation surplus distribution • Investment modes and the regulatory requirement
pertaining to it.• Co-inward and outward arrangement • Fronting arrangement and rulings pertaining to it.
Event Photos and Highlights in 2017
The delegates also made a visit to other member companies namely, Etiqa Takaful Berhad, Takaful Ikhlas Berhad as well as ISRA and Actuarial Partners.
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Contact UsMalaysian Takaful Association
21st Floor, Main Block, Menara Takaful MalaysiaNo 4, Jalan Sultan Sulaiman
50000 Kuala Lumpur, Malaysia
Tel : (603) 20318160Fax : (603) 20318170
www.malaysiantakaful.com.my
www.facebook.com/malaysiantakafulassociation
@malaysiantakafulassociation