The ASEAN insurance industry has established the ASEAN Takaful Alliance (ATA) to foster regional collaboration, knowledge sharing, and capacity building among takaful operators.
“ATA represents a unified vision to position takaful as a force for inclusive and sustainable financial growth,” according to a statement released at GIFF. The forum was hosted by the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM), with the support of Bank Negara Malaysia.
In line with its collaboration goals, ATA signed a Memorandum of Understanding (MoU) with the Takaful Association of Turkiye (TSP) to advance cross-border learning, best practices, and joint initiatives between ASEAN and Turkiye.
At GIFF, a panel session was conducted on the theme, “Charting ASEAN's Takaful Transformation – From Strength to Global Benchmark”.
Moderated by Mohd Radzuan Mohamed, CEO of the Malaysian Takaful Association, the panel brought together leaders from across the region, including Wan Saifulrizal Wan Ismail, chairman of Malaysian Takaful Association & CEO of Prudential BSN Takaful (Malaysia); Haji Shahrildin bin Pehin Orang Kaya Lela Utama Dato Paduka Haji Jaya, CEO & managing director of Syarikat Takaful Brunei Darussalam (Brunei); Yurivanno Gani, vice chairman for Sharia Life Insurance Development, AASI & CEO, Asuransi Takaful Keluarga (Indonesia); Neslihan Necipoglu, board member of the Takaful Association of Turkiye; and Maricel E Estavillo, vice president, Sustainability & Takaful head, PruLife (Philippines).
The panellists explored how collaborative efforts under ATA could help raise ASEAN’s insurance penetration rate, which stood at 3.2% in 2023, less than half of the global rate of 6.7%.
A key theme of the session was capacity building, with ATA members emphasising the need to cultivate a robust talent pipeline across regulators, operators, and distributors. As highlighted by the Philippines’ experience, several ASEAN markets remain in the early stages of developing their takaful ecosystems. ATA aims to bridge these gaps through cross-border training, leadership exchanges, and shared Shariah governance frameworks.
Innovation
Innovation was also highlighted as essential to maintaining takaful’s long-term relevance.
“Takaful represents a visionary commitment to protection and shared responsibility. To stay true to that purpose, we must continuously innovate—refining our products, services, and messaging to ensure Takaful remains inclusive for all generations,” said Haji Shahrildin (Brunei).
Panellists called for digital-first solutions, relevant product designs, and purposeful narratives that keep fairness and mutual upliftment at the heart of every offering.
However, as panellists agreed, awareness alone is not enough. Markets like Malaysia enjoy high awareness of takaful, yet participation, especially among the bottom 40% of the population, remains limited. Sustainable penetration will require affordable products, inclusive distribution models, and frictionless customer experiences.