What is the function of Malaysian Takaful Association MTA )?

What does Takaful Malaysia do?

Takaful Malaysia provides an extensive range of protection plans to suit your diverse needs. From medical, motor takaful and home coverages to commercial cover, employee benefits and many more. Our products and services be it for individuals or businesses assure the best quality of care and security that you need.

What is the name of the highest governing institution in Takaful industry?

Background​​​ Syarikat Takaful Malaysia Berhad (131646-K), in short Takaful Malaysia or the Company began in 1981 when the Government of Malaysia set up a task force to study the feasibility of establishing an Islamic insurance company in Malaysia.

What is Takaful certificate replacement?

Multiple ROC

If more than one Takaful certificate has been taken up to replace a Takaful certificate which has lapsed 12 months before or after the new Takaful certificate(s) has/have been taken up, only one certificate will be treated as having been replaced. 8.2.

What are the benefits of Takaful?

Benefits to takaful certificate and insurance policy owners

  • PIDM protects you against the loss of your eligible takaful or insurance benefits should an insurer member fail.
  • The protection is provided by PIDM automatically – no application is required.

Who owns takaful?

The major shareholder is BIMB Holdings Berhad (BHB) with a 59.19% shareholding in Takaful Malaysia. Under the BHB Group, BHB also wholly owns Malaysia’s first Islamic bank, Bank Islam Malaysia Berhad (Bank Islam).

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When was takaful introduced Malaysia?

Following the recommendations of the Task Force, the Takaful Act was enacted in 1984 and the first takaful operator was incorporated in Malaysia in November 1984. Participants contribute a sum of money into a common fund, which will be used to mutually assist the members against a defined loss or damage.

What is a Takaful insurance?

Takaful, often referred to as ‘Islamic insurance’, is a way for businesses to mitigate the financial risk of unforeseen events. Takaful is based on social solidarity and cooperation, it is a pact among a group of people who agree to jointly indemnify loss or damage from a fund they donate to collectively.