Magazine date:
Dec 2015 Malaysia Takaful insurance has exhibited an average annual growth rate of 12.4% in the course of the last five years compared to 7.8% for conventional insurance.
The turnover of takaful insurers amounted to 6.3 billion MYR (1.47 billion USD), which accounts for 13% of the overall premiums available on the market.
The high potential of this class of business has been confirmed by the 5.2% insurance penetration rate and by the great population boom. Takaful insurers remain, nonetheless, strained by inadequate public awareness about the range of the products offered in this business.
Malaysia does account for nearly 76% of the Islamic insurance in Asia, though.