PUTRAJAYA, Sept 14 (Bernama) -- The Ministry of Agriculture and Food Security (KPKM), in collaboration with Agrobank, has launched the Agrofood Takaful Protection Scheme: Padi Crop Takaful Scheme (STTP), the first of its kind in Malaysia to benefit padi farmers nationwide.
Announced by Prime Minister Datuk Seri Anwar Ibrahim during the Malaysian Agriculture, Horticulture and Agrotourism Exhibition (MAHA), the ground-breaking shariah-compliant scheme was part of Budget 2024, with an initial RM50 million fund to protect farmers.
“This takaful protection provides up to RM3,000 for natural disasters and up to RM1,500 for pest infestations and crop diseases per season per hectare. This coverage surpasses the existing disaster fund,” said Agrobank president and chief executive officer Datuk Tengku Ahmad Badli Shah Raja Hussin in a statement today.
"For the first year, the government will cover a RM120 annual premium per hectare for two planting seasons," he said, adding that the scheme is available to all registered individual farmers across the country, with simplified registration through the nearest Area Farmers' Organisation office.
This initiative highlights the government's dedication to supporting farmers during natural disasters and reinforcing the nation’s food security through the efforts of the KPKM and Agrobank.
More information on the STTP can be obtained at www.agrobank.com.my or the nearest Agrobank branch.
-- BERNAMA
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