Magazine Table of Contents
Bank Negara Malaysia’s proposed framework for licensing and regulation of digital insurers and takaful operators is likely to bring substantial changes to the insurance sector in Malaysia. Middle East Insurance Review takes a look.
Takaful operators in Malaysia face similar challenges to their conventional counterparts in trying to adapt new technologies. Requirements to comply with shariah principles present opportunities for tech firms to provide solutions to navigate complex compliance frameworks. We spoke with EY Malaysia’s Messrs Ravi Kittane and Ahmad Hammami for insights.
South Asia is home to 640m Muslims, one-third of the region’s population, which offers huge scope for the growth and development of takaful.
The issue of M&A in the takaful industry has attracted wide attention over the past years due to the large number of players and many weaknesses, which in turn reflected negatively on market results and profitability. The takaful sector in the UAE has been witnessing notable M&A activity and the trend is expected to continue.