KUALA LUMPUR: The Malaysian Takaful Association (MTA) has kicked off its Financial Sector Blueprint 2022-2026 (FSB) programme to empower the takaful industry in the future.
In line with the framework and the roadmap goals, the FSB will support Bank Negara’s aspiration to make finance available to all by having diverse choices for customers, including “digital first” solutions, finance for transformation by developing the growth in alternative finance also to creating finance for sustainability by adopting the idea of value-based intermediation for the banking industry.
MTA chief executive officer Mohd Radzuan Mohamed said the five strategic thrusts in the central bank’s framework – funding Malaysia’s economic transformation, elevating the financial well-being of households and businesses and advancing digitalisation of the financial sector – would strengthen its blueprint, Bernama reported.
He said that it is the position of the financial system to facilitate an orderly transition to a greener economy and value-based finance through Islamic finance leadership.
“The blueprint sets the aspiration or targets to basically elevate the country from the impact of Covid-19, and at the same time, the FSB framework will push forward the agenda of finance in Malaysia especially Islamic finance,” he said after launching the FSB kick-off programme here yesterday.
MTA chairman Elmie Aman Najas said the blueprint had identified the desired outcomes which are the finance for transformation and sustainability.
It would also support the value-based intermediation for takaful which will level up the potential of takaful growth in Malaysia by lowering the risk that has taken place, especially post pandemic and strengthen the vibrancy and resilience of financial markets.
He added that the blueprint would also address remaining inclusion gaps by focusing on take-up and meaningful usage of financial services and promoting an enabling environment for innovation and efficiency.
“Through the efforts of the industry working together with Bank Negara, it would help to address the needs of protection on market segmentation to ensure that Malaysians are taking steps to protect themselves through coverage,” he said.
Meanwhile, Deloitte partner and financial services industry leader Justin Ong said the company would work with MTA and all takaful industry players to support the blueprint.
