MALAYSIA-TAKAFUL

HELP ENSURE NATION'S POSITION AS LEADING TAKAFUL PROVIDER REMAINS INTACT: AHMAD HUSNI

KUALA LUMPUR, Nov 5 (Bernama) -- The takaful industry should take meaningful
and effective steps to ensure that the country's position as a leading global
takaful provider remains intact, said Minister of Finance II, Datuk Seri Ahmad
Husni Mohamad Hanadzlah.
"The global takaful landscape will change at an accelerated rate in the next
five years and the growth potentials are too irrestitable for any player to
ignore," he said at the Malaysian Takaful Association Dinner & Awards Nite 2009
here today.
He said Malaysia has seen a compound annual growth rate of 39 per cent
between 2005 and 2007.
"It is estimated that global gross takaful contributions will touch US$8
billion by 2012," he said.
Ahmad Husni said the current financial crisis has brought forth concerns to
financial institutions across the globe, including the takaful operators.
"However, the Islamic financial system has proven to be resilient and immune
to the cancerous malignant credit products that were the root cause of the
current credit crisis," he said.
Syed Moheed said takaful operators have an important role to promote
innovation, equipping their business strategies with research and development
and design new innovative products and services.
" Innovation is the key to increase progression and sustaining growth
in the industry," he said.
The takaful industry witnessed positive response and confidence based on
growth in the last decade as Malaysians from all walks of life, religions and
races are receptive towards takaful, he added. -- BERNAMA
WNA MSL TOM