Takaful income and assets grow by double digits

FAMILY and general takaful net contribution income grew by 10.8% to RM1.1bil in 2004, while takaful assets expanded by 13.5% to RM5bil. 

Bank Negara said that the takaful industry, which expanded last year in tandem with the expansion in domestic economic activities, recorded a market penetration of 5.1% of the total insurance sector (measured by the number of certificates in force divided by total population) from 4.5% in 2003.