Wednesday 15/10/2025

^{(L:R) Encik Shahrul Azlan Shahriman, CEO Great Eastern Takaful Berhad, Encik Zafri Ab Halim, CEO Etiqa Family Takaful Berhad, Encik Wan Ahmad Najib Wan Ahmad Lotfi, President & CEO Takaful Ikhlas Family Berhad, Dato' Sri Abdul Rasheed Ghaffour Gavernor Bank Negara Malaysia, Encik Wan Saifulrizal Bin Wan Ismail CEO Prudential BSN Takaful Berhad,  En. Khairul Kamarudin, President and Chief Executive Officer Bank Mualamat Malaysia Berhad, Encik Jay Khairil Jeremy Abdullah, CEO Bank Simpanan Nasional dan Fato Tengku Ahmad Badli Shah Raja Hussin, President & CEO Agrobank}


KUALA LUMPUR, Oct 15 (Bernama) -- Bank Negara Malaysia Governor Dato' Sri Abdul Rasheed Ghaffour, today launched the iTEKAD Protection Programme at the Global Islamic Finance Forum (GIFF) 2025, marking a significant milestone in Malaysia’s social finance journey and reinforcing the nation’s leadership in Islamic finance.

Announced under Budget 2025, the Government has allocated RM5 million as a matching grant to provide Takaful and insurance protection to targeted segments. This initiative further expands the iTEKAD umbrella programme, first introduced in 2020, to now include a risk protection component that safeguards both lives and livelihoods.

Delivering Holistic and Inclusive Solutions

The iTEKAD Protection Programme represents a bold step towards delivering holistic and inclusive social finance solutions. By extending protection to microentrepreneurs, goods delivery personnel, and participants of Inisiatif Pendapatan Rakyat (IPR), the programme would strengthen the financial resilience of vulnerable communities to better manage risks and respond effectively to unforeseen challenges.

Built on a blended finance model, iTEKAD Protection brings together innovative approaches to create sustainable and affordable models for protection by combining self-contributions, philanthropic and social funds, as well as Government grants. The iTEKAD Protection will also provide beneficiaries with enhanced benefits such as financial literacy programmes, business continuity training, and mental health support to further elevate long-term resilience. The iTEKAD initiative also propels the role of Islamic finance as an effective intermediary for philanthropic capital, channeling resources to where they are most needed.

Forging Strategic Partnerships for Impact

Prudential BSN Takaful Berhad, Etiqa Family Takaful Berhad, Takaful Ikhlas Family Berhad and Great Eastern Takaful Berhad form the first wave of participating operators in piloting iTEKAD Protection initiatives that prioritise wellness and financial resilience of vulnerable segments.

The Takaful industry also leverages strategic collaborations with implementation partners to effectively rollout and scale the iTEKAD Protection programme within the broader ecosystem. By collaborating with banks, training providers, and state religious authorities, the initiative embodies a whole-of-ecosystem approach that drives unified efforts toward socio-economic empowerment.

Wider participation from Takaful operators and implementation partners is encouraged to deepen iTEKAD’s impact and strengthening interlinkages across the financial landscape.

Takaful Industry’s Vital Role

The commitment of the Takaful industry in the iTEKAD Protection programme further underscores the Takaful industry’s strong commitment to national financial inclusion goals. Fully aligned with the Hijrah27 Transformation Plan, the initiative directly supports measurable outcomes such as closing the protection gap, increasing Takaful take-up among microentrepreneurs and gig workers, and advancing blended finance models for MSMEs. By focusing on these tangible results, iTEKAD Protection strengthens financial resilience, widens access to protection, and accelerates the growth of inclusive social finance in Malaysia.

By aligning their business models with social good, Takaful operators play a vital role in realising the programme’s objectives, ensuring protection reaches those who need it most, while reinforcing the values of care, fairness, and shared responsibility that define Takaful.

MTA Chief Executive Officer, Mohd Radzuan Mohamed, said:
“This initiative reflects the Takaful industry’s purpose-driven mission. With the strong support of operators such as Prudential BSN Takaful, Etiqa Family Takaful, Takaful IKHLAS, and Great Eastern Takaful, we are collectively ensuring that protection is not a privilege, but a right for all Malaysians.”

Malaysia’s Global Leadership in Islamic Finance

The launch at GIFF 2025, a premier international platform for Islamic finance, further reinforces Malaysia’s leadership in advancing value-based intermediation. With iTEKAD Protection, Malaysia demonstrates how innovative financial solutions can deliver meaningful outcomes for individuals, businesses, and society.

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
Tel: 01137475361
Email: mtasecretariat@malaysiantakaful.com.my

--BERNAMA