KUALA LUMPUR: Malaysia’s takaful industry has completed 92% of its commitments under the Financial Sector Blueprint 2022-2026 (FSB) and is on track to deliver the remaining targets within 10 months, according to the Malaysian Takaful Association (MTA).
MTA CEO Mohd Radzuan Mohamed said the progress reflects stronger financial resilience, positioning Malaysia to better withstand future shocks, including geopolitical risks.
“As shown in the report, our achievement against what we committed to deliver in 2022 is 92% has already been completed. We still have about 10 months to deliver the remaining 8% and, God willing, we will be able to achieve that,” he told the media recently at the launch of the 2025 Financial Sector Blueprint and Sustainability Report for Takaful.
Mohd Radzuan said the blueprint, introduced by Bank Negara Malaysia to support post-pandemic recovery, now also serves to prepare the financial system for future crises, including ongoing disruptions in the Middle East.
“Looking at recent developments, including disruptions such as those in the Middle East, we are beginning to see the possibility of another situation that could be as serious as Covid.”
He said Malaysia is now better prepared to face future challenges following industry-wide programmes implemented in recent years.
Malaysians are also better prepared compared with the onset of the pandemic in 2020, supported by higher financial literacy and greater awareness of protection needs, Radzuan said.
“If during Covid we entered what felt like a ‘war zone’, this time, even if the situation becomes as severe, most Malaysians are likely to be better prepared.”
He added that improved awareness and preparedness at the individual level will play a key role in strengthening overall national resilience.
Mohd Radzuan said MTA has reinforced its commitment to sustainability and talent development through strategic initiatives and collaborations under the Hijrah27 agenda, in conjunction with the launch of the 2025 Financial Sector Blueprint and Sustainability Report for Takaful.
Since the FSB Interim Report in 2023, the industry has implemented over 30 initiatives across five strategic thrusts, aligned with national priorities and Value-Based Intermediation for Takaful, while contributing to all 17 Sustainable Development Goals and strengthening sustainability and digitalisation efforts.
The report provides an industry-wide overview of progress, outcomes and impact under the Financial Sector Blueprint 2022-2026, integrating sustainability, ESG and value-based intermediation perspectives.
MTA interim chairman Shahrul Azlan Shahriman said sustainability and talent will be key drivers of long-term growth.
“Our focus is to ensure that the industry not only delivers value, but does so with strong ethical foundations and a future-ready workforce.”
A key initiative includes MTA’s collaboration with the Financial Industry Collective Outreach (Finco) on a “train-the-trainer” programme to enhance financial literacy, incorporating risk protection and takaful awareness for educators and students.
“This initiative creates a multiplier effect, where educators become catalysts in shaping financially responsible future generations,” said Mohd Radzuan.
MTA is also collaborating with the Asian Institute of Insurance and the Chartered Institute of Islamic Finance Professionals on the Professional Agency Management Programme, alongside CIIF’s LEAD programme, to strengthen leadership, professionalism and syariah-focused guidance among agency leaders.
