KUALA LUMPUR, Oct 20 (Bernama) -- The Malaysian Takaful Association (MTA) continues the successful journey of Takaful with the extension of the roadmap that has been introduced during the Global Islamic Finance Forum (GIFF 2022) through its Financial Sector Blueprint 2022-2026 as initiatives to empower the Takaful industry in the future.

In line with the framework and the roadmap goals, FSB will be supporting on Central Bank of Malaysia (BNM) aspiration on making finance for all by diverse choices for customers, including ‘digital first’ solutions, finance for transformation by developing the growth in alternative finance also to creating finance for sustainability by adopting the idea of Value-Based Intermediation for the banking industry.

With all the framework that has been outlined by BNM, five strategic thrusts that will strengthen the blueprint like (1) fund Malaysia’s economic transformation, (2) elevate the financial well-being of households and businesses, (3) advance Digitalisation of the Financial Sector, (4) position the financial system to facilitate an orderly transition to greener economy and (5) advance Value-Based Finance through Islamic Finance Leadership.

It is also will be supporting the Value-Based Intermediation for Takaful which will level up the potential of Takaful growth in Malaysia by lessening the risk that has been happened especially in the post-pandemic time and strengthening the vibrancy and resilience of financial markets to act as an absorber of risk.

Other than that, the blueprint also acts to address remaining inclusion gaps by focusing on take-up and meaningful usage of financial services and promoting an enabling conduct environment for innovation and efficiency.

It is also to leverage key financial infrastructures for Malaysia’s broader digital ecosystem and enhance pathways for digital innovations to test, scale and exit. The initiative will be integrating climate-related and environmental risks in prudential regulation and supervision also climate risks in the internal functions and operations.

To make sure that it can support advancing Value-Based Finance through Islamic Finance Leadership, this will sharpen Malaysia’s proposition as an international gateway for Financial Islamic Finance, strengthen policy enablers of value-based finance for greater impact, and blend finance and funding escalator models with mainstream social finance.

ABOUT MALAYSIAN TAKAFUL ASSOCIATION (MTA)
Malaysian Takaful Association (MTA) is an association registered under the Societies Act 1966 and dedicated in promoting the interest of its members (all 18 licensed Takaful and Retakaful operators in Malaysia) and to supervise the exercise of self-regulation within the Takaful industry. The focus, among others, is on branding, awareness and communication, shared services through leveraging of technology, investment opportunities and relations with regulators. More information on MTA can be obtained from its website: www.malaysiantakaful.com.my

SOURCE: Malaysian Takaful Association (MTA)

FOR MORE INFORMATION, PLEASE CONTACT:
Name: Puan Siti Nor Kamariah Ishak
Head, Corporate Communications
Tel: 03-2031 8160 
Email: mtasecretariat@malaysiantakaful.com.my

--BERNAMA