MTA Unveils Maqasid Shariah Scorecard To Enhance Impact, Sustainability Of Takaful Industry

KUALA LUMPUR, Oct 15 (Bernama) -- The Malaysian Takaful Association (MTA) has launched the Maqasid Shariah Scorecard (MSS), a transformative initiative aimed at assessing the industry’s impact and sustainability. 

Officiated by Bank Negara Malaysia assistant governor Suhaimi Ali, the scorecard aligns with Maqasid al-Shariah's principles, which focus on preserving key aspects such as faith, life, wealth, lineage, and intellect.

MTA chairman Elmie Aman Najas said that the takaful industry has reached a mature stage where integrating Maqasid al-Shariah's principles into business models, not only meets regulatory expectations but also enhances the ethical foundations of takaful operations. 

"I believe that we have moved beyond simply building the fundamentals of our industry to creating tangible value for our stakeholders and contributing to national agendas, including improving financial inclusion and enhancing the well-being of all Malaysians.

“As the industry navigates technological disruptions, regulatory changes, and evolving customer expectations, our commitment to the national financial inclusion aspirations, shared values, and ensuring the protection and prosperity of communities remains at the top of our agenda,” he said in his speech at the Value-Based Intermediation for Takaful (VBIT) Conference 2024, here today.

The VBIT was themed “Transcending Boundaries: Advancing Takaful for Sustainable Growth'’. 

The MSS is designed to ensure takaful products and services comply with ethical and operational standards, enhance stakeholder confidence, drive customer growth, and promote Malaysia’s global leadership in Shariah-compliant finance.  It is available to takaful operators upon request through MTA.

The VBIT, underpinned by the concept of “Shared Value, Shared Prosperity”, is crucial in prioritising ethical implications alongside financial performance.

Elmie also highlighted the innovative strides made by Takaful operators, such as the development of affordable and accessible protection products, including microtakaful solutions aimed at underserved segments of society.

“This year, the MTA is looking to incorporate sustainability and philanthropic approaches in its offerings, introducing blended takaful products that integrate elements of Sadaqah, Waqf, and Hibah,” he said. 

MTA chief executive officer Mohd Radzuan Mohamed stated that the event marks a significant milestone in the takaful industry’s ongoing commitment, aligning with Strategic Thrust 5 of the Financial Sector Blueprint: “Advance value-based finance through Islamic finance leadership",  by driving sustainable growth and development in the sector.

MTA called on all takaful industry stakeholders to continue engaging actively in discussions and sharing best practices to drive the industry forward.

— BERNAMA