TAKAFUL INDUSTRY TAKES GLOBAL STAGE AT GIFF 2025

_{Encik Mohd Asri Omar, CEO of AIA PUBLIC Takaful Bhd, who presented the MSS to Professor Dr. Younes , Senior Researcher representing ISRA Research Management Centre witness by Dr Mohamed Eskandar Shah Mohd Rasid, CEO of INCEIF}
 

MTA Showcases Leadership in Charting ASEAN’s Takaful Transformation

KUALA LUMPUR, Oct 15 (Bernama) -- The Malaysian Takaful Association (MTA), as a supporting partner of the Global Islamic Finance Forum (GIFF) 2025, proudly showcased ASEAN’s collective progress and future direction in Takaful through the ASEAN Spotlight session, themed “Charting ASEAN’s Takaful Transformation – From Strength to Global Benchmark.” 

The session, which convened regulators, policymakers, industry leaders, and global stakeholders, underscored ASEAN’s growing role, not just as a fast-expanding Takaful market, but as a thought leader and standard-setter in the global Islamic finance ecosystem. It reflected the region’s shared ambition to enhance collaboration, innovation, and inclusivity in shaping the next phase of value-based financial protection.

ASEAN Takaful Alliance (ATA): A Regional Milestone

A major highlight of the event was the announcement of the ASEAN Takaful Alliance (ATA), a historic milestone marking the official formation of a regional platform uniting Takaful operators across ASEAN.

The ATA aims to foster cross-border collaboration, strengthen industry visibility, and position ASEAN as a global benchmark for inclusive and impactful Takaful practices. The Alliance will also align with the ASEAN Financial Integration Framework, reinforcing Malaysia’s leadership in advancing Islamic finance within the region.

The announcement was attended by representatives from participating ASEAN member countries, including Ms. Maricel E. Estavillo, Vice President, Sustainability & Takaful Head, PruLife (Philippines), Bilal Clint Lloren, Division Head, Stronghold Takaful (Philippines); Wan Saifulrizal Wan Ismail, Chairman of the Malaysian Takaful Association & CEO of Prudential BSN Takaful Berhad (Malaysia); Tuan Sharildin Tuan Sharif and Yurivanno Gani, Vice Chairman for Sharia Life Insurance Development, AASI & CEO, Ansuransi Takaful Keluarga (Indonesia) symbolising the region’s collective commitment towards a more connected and resilient Takaful ecosystem.  

“The ASEAN Takaful Alliance reflects our collective aspiration to strengthen regional unity and drive purpose-driven growth through collaboration and shared values. Together, we are building an ecosystem that will not only uplift ASEAN but set a global benchmark for ethical and inclusive protection,” said Mohd Radzuan Mohamed, Chief Executive Officer of MTA.

Malaysia and Türkiye Collaboration: Strengthening Cross-Regional Synergy

Another key announcement was the Malaysia–Türkiye Collaboration, a strategic partnership aimed at expanding knowledge exchange, Shariah-compliant product innovation, and talent development between the two nations.

This partnership bridges ASEAN and OIC financial ecosystems, furthering both Malaysia and Türkiye’s leadership in advancing global Islamic finance linkages through innovation and shared values.

Present at the event were Mr. Uğur Gülen and Mr. Ozgur Obali representing the Turkish Takaful and insurance fraternity signifying Türkiye’s strong commitment to deepening crossborder collaboration and advancing shared innovation.

Maqasid Shariah Scorecard (MSS) Handover to ISRA: A Purpose-Driven Innovation

The session also witnessed the symbolic handover of the Value-Based Intermediation for Takaful (VBIT) Maqasid Shariah Scorecard (MSS) to the International Shariah Research Academy for Islamic Finance (ISRA).

The symbolic handover ceremony was officiated by Encik Mohd Asri Omar, CEO of AIA PUBLIC Takaful Bhd, who presented the MSS to Professor Dr. Younes , Senior Researcher representing ISRA Research Management Centre marking a pivotal milestone in embedding Maqasid Shariah-based measurement into Takaful governance and performance assessment. 

Developed under MTA’s leadership, the MSS represents the industry’s first structured framework for measuring Shariah-based outcomes and social impact within Takaful operations. The handover to ISRA signifies the next stage of research validation, governance enhancement, and impact dissemination, strengthening the alignment between Shariah objectives and real-world outcomes in the Takaful industry.

“Embedding Maqasid Shariah measurement into Takaful is central to ensuring that our industry remains both ethically grounded and impact-driven. The collaboration with ISRA is a key step in institutionalising good governance and purposeful innovation,” added Mohd Radzuan.

MTA’s Commitment to Regional Impact

Through these initiatives, MTA continues to drive the Hijrah 27 Transformation Plan, reinforcing Malaysia’s role in regional financial integration and the promotion of valuebased, inclusive Takaful systems.

GIFF 2025 provided an ideal platform for MTA and ASEAN partners to demonstrate how collaboration, innovation, and Shariah-driven impact can position ASEAN as a global Takaful benchmark, echoing the event’s overarching message of “From Strength to Global Benchmark.” 

ABOUT MALAYSIAN TAKAFUL ASSOCIATION (MTA)

Malaysian Takaful Association (MTA) was established on November 2002 under the Societies Act 1966. It is a trade association representing all 19 licensed Takaful and Retakaful operators in the country. The objectives and the powers of MTA are to promote the interests of its members and to inculcate the implementation of self-regulation within the Takaful industry. More information on MTA can be obtained from its website: www.takaful4all.org

Issued by: MTA

SOURCE: Malaysian Takaful Association (MTA)

FOR MORE INFORMATION, PLEASE CONTACT:
Name: Puan Siti Nor Kamariah Ishak
Head, Corporate Communications
Tel: 01137475361
Email: mtasecretariat@malaysiantakaful.com.my 

--BERNAMA