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By Harizah Hanim Mohamed
KUALA LUMPUR, Oct 5 (Bernama) -- The Malaysian Takaful Association (MTA) has launched the Value-Based Intermediation for Takaful (VBIT) Roadmap, which is an extension of the framework launched last year.
The roadmap is to assist the industry in implementing key initiatives to unlock the potential of the takaful industry towards a sustainable finance ecosystem while also increasing Malaysia’s takaful industry penetration to more than 19 per cent, said MTA chairman Elmie Aman Najas.
He said the VBIT roadmap would outline actions that are embedded in the framework, and that the roadmap would provide concrete action plans and deliverables that can be worked on while ensuring that MTA is capable of delivering the potential of Islamic finance to the community.
“There is a lot that we can do to make sure Islamic finance realises its full potential and the framework provides guidance in terms of understanding the VBIT but the roadmap shows how to implement it in the industry.
“We envision the strengthened role of the takaful industry as part of the nation’s economy as a solutions provider for Malaysians seeking to achieve financial assurance and build their resilience against undesired events. For the stakeholder, VBIT provides a new way to reposition Takaful,” he told Bernama after launching the VBIT Roadmap today.
The launch was in conjunction with the two-day Global Islamic Forum 2022, which started today.
MTA chief executive officer Mohd Radzuan Mohamed said the VBIT would drive further takaful penetration in the country because the action plans would increase financial literacy and make people aware of the products, ultimately increasing penetration.
“We have identified the criteria for each maturity level and strategic class, which will allow companies to conduct self-assessment related to VBIT and improve as well as fill the gap.
“These allow companies to understand their position and work towards accelerating in line with the roadmap,” he added.
Takaful is seen as a solution to address socio-economic issues in line with the objectives of Maqasid Al-Shariah, which is to safeguard the fundamentals of faith, life, lineage, intellect, and wealth.
Implementing VBIT involves adherence to these principles, as well as alignment with BNM’s national Financial Sector Blueprint 2022-2026 which identifies Finance for All, Finance for Transformation and Finance for Sustainability as its desired outcomes.
Meanwhile, the roadmap highlights ways for takaful industry players to adopt and implement VBIT in their individual capacities while explicitly stating the involvement and aspiration of the MTA as the industry driver.
“The roadmap acknowledges the takaful industry’s high growth potential and opportunities for market penetration and MTA aspires for the industry to collectively embrace VBIT by 2025.
“The roadmap identifies the industry’s building blocks and initiatives to be implemented at both the industry and takaful operator levels towards achieving VBIT and bringing takaful to the next level,” said Elmie.
He noted that the success of the roadmap calls for a proper project governance structure and the ability to objectively assess its achievements.
“The roadmap introduces the Maturity Continuum, which is a review exercise tool at the operator and industry-wide levels to continuously monitor the progress of delivering value through takaful business activities and their contribution to building a strong and financially resilient nation,” he said.
Elmie concluded that the VBIT Roadmap is in its very nature long-term, inclusive and empowering and its success is dependent on the positive participation of all stakeholders.
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