ANNUAL REPORT - Malaysian Takaful Association · Takaful Ikhlas Berhad IKHLAS Point, ... Object and...

ANNUAL REPORT

MALAYSIAN TAKAFUL ASSOCIATIONStriving for Industry Excellence

A YEAR OF ACCOMPLISHMENTS

www.malaysiantakaful.com.my

www.facebook.com/malaysiantakafulassociation

@malaysiantakafulassociation

4 | ABOUT MTA

5 | CHAIRMAN’S MESSAGE

6 | MANAGEMENT COMMITTEE 2015-2017

6 | REPRESENTATIVES IN OTHER ORGANISATIONS AND COMMITTEES

6 | MTA SUBCOMMITTEES

7 | KEY FIGURES OF THE TAKAFUL INDUSTRY

7 | TAKAFUL INDUSTRY PERFORMANCE IN 2016

9 | AGENCY REGISTRATIONS STATISTICS

11 | TAKAFUL BASIC EXAMINATION (TBE) STATISTICS

13 | KEY DEVELOPMENTS OF THE INDUSTRY

15 | RESEARCH & DEVELOPMENTS OF THE INDUSTRY

16 | TALENT AND INTERMEDIARIES DEVELOPMENT

17 | EVENTS, CONFERENCES AND SEMINARS

18 | TAKAFUL AWARENESS ACTIVITIES

21 | INDUSTRY COLLABORATIONS

21 | COURTESY VISITS AND TALKS

21 | FOSTERING RELATIONSHIP ACTIVITIES

22 | MTA EVENTS & ACTIVITIES HIGHLIGHTS22 | MTA EVENTS & ACTIVITIES HIGHLIGHTS

CO

NT

EN

T

ACR Retakaful Berhad Unit A-12A-10, Level 12A Menara UOA Bangsar 5, Jalan Bangsar Utama 1 59000 Kuala Lumpur

Malaysian Re Retakaful Division 12th Floor, Bangunan Malaysian Re No. 17, Lorong Dungun Damansara Heights 50490 Kuala Lumpur

Tel : 03 2299 2288 Tel : 03 2096 8000 Fax : 03 2299 2289 Fax : 03 2092 1677 Web : www.acrretakaful.com Web : www.malaysian-re.com.my

AIA PUBLIC Takaful Bhd Level 14, Menara AIA 99, Jalan Ampang 50450 Kuala Lumpur

Munich Re Retakaful (Munchener Ruckversicherungs-Gesellschaft) Suite 13.1, Level 13 Menara IMC, 8 Jalan Sultan Ismail 50250 Kuala Lumpur

Tel : 03 2037 1333 Tel : 03 2380 8500 Fax : 03 2056 3690 Fax : 03-2032 5955 Hotline

Web : :

1300 88 8922 www.aiapublic.com.my

Web : www.munichre.com/en/reinsurance/business/retakaful/default.aspx

AmMetLife Takaful Berhad AmMetLife Takaful Berhad Level 23, Menara Sentrum, No. 201, Jalan Tun Sambanthan, 50470 Kuala Lumpur

Prudential BSN Takaful Berhad Brand and Communications Level 8A, Menara Prudential No. 10 Jalan Sultan Ismail 50250 Kuala Lumpur

Tel : 03 2179 1500 Tel : 03 2053 7188 Fax : 03 2171 3000 Fax : 03 2026 7688 Hotline

Web : :

1300 22 9777 www.ammetlifetakaful.com

Web : www.prubsn.com.my

Etiqa Takaful Berhad Level 19, Tower C, Dataran Maybank No 1 Jalan Maarof 59000 Kuala Lumpur

Sun Life Malaysia Takaful Berhad Level 11, 338 Jalan Tuanku Abdul Rahman 50100 Kuala Lumpur

Tel : 03 2297 1888 Tel : 03 2612 3600 Fax : 03 2297 1800 Fax : 03 2614 3550 Hotline : 1 300 13 8888 Hotline 1-300-88-5055 Web : www.etiqa.com.my Web : www.sunlifemalaysia.com

Great Eastern Takaful Berhad Level 3 Menara Great Eastern 303 Jalan Ampang 50450 Kuala Lumpur

Swiss Re Retakaful (Swiss Reinsurance Company Ltd.) No. 10, Persiaran KLCC Level 13A - 2, Naza Tower @ Platinum Park 50088 Kuala Lumpur

Tel : 03 4259 8338 Tel : 03 2633 5800 Fax : 03 4259 8808 Fax : 03 2633 5803 Hotline : 1300 13 8338 Web : www.swissre.com/reinsurance/insurers/retakaful/ Web : www.i-great.com

HSBC Amanah Takaful (Malaysia) Berhad 8th Floor, North Tower No. 2, Leboh Ampang 50100 Kuala Lumpur

Syarikat Takaful Malaysia Berhad Menara Takaful Malaysia No.4, Jalan Sultan Sulaiman 50000 Kuala Lumpur

Tel : 03 2075 3000 Tel : 1-300-88 252 385 Fax : 03 2031 0833 Fax : 03 2274 0237 Hotline : 1800 88 9659 Web : www.takaful-malaysia.com.my Web : www.takaful.hsbcamanah.com.my

Hong Leong MSIG Takaful Berhad Level 5, Tower B, PJ City Development No.15A, Jalan 219, Seksyen 51A 46100 Petaling Jaya Selangor Darul Ehsan

Takaful Ikhlas Berhad IKHLAS Point, Menara 11A, Avenue 5, Bangsar South, No. 8, Jalan Kerinchi 59200 Kuala Lumpur

Tel : 03 7650 1800 Tel : 03 2723 9999 Fax : 03 7620 6730 Fax : 03 2723 9998 Web : www.hlmtakaful.com.my Web : www.takaful-ikhlas.com.my

Zurich Takaful Malaysia Berhad (Formerly known as MAA Takaful Berhad) 8th Floor , No. 566 Jalan Ipoh 51200 Kuala Lumpur

Tel : 03 6287 6666 Fax : 03 6259 0088 Web : www.zurich.com.my

LIST OF MEMBER COMPANIES

Advocate high standards of services within the industry and provide useful information to the public about Takaful.

Represent the Malaysian Takaful industry to government, regulators and policy makers in locally and internationally, driving effective public policy and regulation.

Institute strategic alliances and co-operation with other similar associations both locally and internationally.

Promote the benefits of Takaful to the government, regulators, policy makers and the public.

Collect, collate and publish statistics and any other relevant information relating to Takaful to members

Promote and represent the interests of members and also the foundation of a sound Takaful structure with cooperation

Object and Power of MTAMTA was established to foster cooperation and mutual understanding amongst its registered members, whilst furthering the interests of the Takaful concept

Malaysian Takaful Association (MTA) was formed in November 2002 under the Malaysian Societies Act of 1966. The objectives of MTA are essentially to promote the interests of its members and to supervise self-regulation within the Takaful industry. Currently, a total of 11 Takaful and 4 Retakaful operators are member companies of MTA.

MissionTo provide leadership on issues bearing on the industry’s collective strength and image, locally and internationally to benefit the industry as a whole.

Vision• Sustainablyprofitableand

growing Takaful industry in Malaysia.

• Anindustrythatcanbetrustedand recognised as contributing to society and the economy.

• Aneconomicandpublicpolicy climate conducive to a flourishing industry.

• Atradebodyrecognisedasproviding active leadership and an authoritative collective voice for the Takaful industry

ABOUT MTA

MALAYSIAN TAKAFUL ASSOCIATION2016 ANNUAL REPORT 4

The year 2016 was in full swing as the industry worked relentlessly on the LIFE Framework and conducted several mock run of the Balanced

Scorecard for agents and bancatakaful. With the impending dateline drawing closer, the industry is also gearing itself up towards splitting of licenses between family and general Takaful.

Continuing another year of raising Takaful awareness, the industry has continued to work with several strategic partners and this ongoing effort will continue to be part and parcel of the Takaful industry as it increases its penetration rate in the years to come.

In this regard, the Association will continue to play central role as the industry’s representative body and is committed and focused in its efforts to foster the industry’s growth into 2020 and beyond.

On behalf of the Management Committee, I would like to express my sincere appreciation to Encik Ahmad Rizlan Azman for his service, dedication and commitment in leading MTA during his tenure as the Chairman from January 2015 to November 2016. It is an honour for me to take on the role and in continuing his efforts and I would like to thank the Members of the Management Committee for the support and trust to lead MTA.

I wish to also to record my sincere appreciation to all member companies and their representatives for their service, commitment and dedication for their support to MTA’s initiatives and activities. Their continued commitment and determination has become the catalyst for the Association to move forward.

While ensuring the Takaful industry grows in manifold, it is pertinent that the industry stay true to its concept of helping one another “Taawun”, which is one of the fundamental pillars of Takaful. I strongly believe that through the spirit of mutuality and togetherness between Member Companies, MTA would be able to contribute significantly in achieving higher penetration rate and ensuring the Takaful industry grows from strength to strength.

Lastly, I wish to express my appreciation to the Secretariat team for their hard work and dedication while carrying out their duties in ensuring smooth operations and activities of the Association.

On behalf of the Management Committee, I am pleased to present the Annual Report of the Association for year ended 31 December 2016.

Chairman’sMessageEncik Muhammad Fikri Mohamad RawiChairman


Encik Muhammad Fikri Mohamad RawiChairman

Effective from 15 December 2016Sun Life Malaysia Takaful Berhad

Encik Ahmad Rizlan AzmanChairman

Effective from 7 January 2015 to 1 November 2016Etiqa Takaful Berhad

MANAGEMENT COMMITTEE 2015 - 2017

REPRESENTATIVES IN OThER ORGANISATIONS AND COMMITTEES

MTA SUBCOMMITTEES

Malaysian international Islamic Financial Centre (MIFC)

National Payments Advisory Council (NPAC)

IBFIM

ISM Insurance Services Malaysia Berhad

Malaysian Financial Planning Council - National Council (MFPC)

Financial Services Profession Board (FSPB) - Working Group Code of Ethics

Chartered Institute of Islamic Finance Professionals (CIIF)

Malaysian Code of Institutional Investors (MCII) - Steering Committee

ISM Fraud Intelligence System (FIS) - Steering Committee

Joint Insurance - Takaful Council (JITC)

Takaful Examination Board (TEB)

Malaysian Accounting Standards Board (MASB) - Standing Committee

IBFIM’s Capacity Building Project (CBP) - Steering Committee

Financial Sector Talent Enrichment Programme (FSTEP) - Steering Committee

Shariah Advisory

Finance

Family Takaful

General Takaful

Corporate Communications / HRD

Intermediaries Registration and Development

Regulatory and Risk

LIFE Framework Taskforce

Datuk Haji Ab Latiff Abu BakarDeputy Chairman

Effective from 15 December 2016Takaful Ikhlas Berhad

Encik Zafri Abd HalimTreasurer

Great Eastern Takaful Berhad

Encik Azli MunaniCEO/Executive Secretary

Nik Norishky Thani Nik Hassan ThaniCommittee Member

hong Leong MSIG Takaful Berhad

Encik Marcel Omar PappCommittee MemberSwiss Re ReTakaful

Encik Ng Hang MingCommittee Member

ACR ReTakaful Berhad

Encik Aman ChowlaCommittee Member

Prudential BSN Takaful Berhad

Encik Salim Majid ZainCommittee Member

Zurich Takaful Malaysia Berhad


KEY FIGURES OF ThE TAKAFUL INDUSTRY

TAKAFUL INDUSTRY PERFORMANCE IN 2016

FAMILY TAKAFUL MARKET PERFORMANCE IN 2016

General TakafulGross Contribution

2.41 bRM

26.9 bAssets

76,332RegisteredTakaful Agents

17,807New Agents(Family)

14.61%Family TakafulPenetration Rate

Family Takaful certificates in force as a percentage to the total population

FAMILYTAKAFUL

8.6% RM 3.95 bRM3.64 b compared to2015 Annual Gross Contribution

NEW BUSINESS

Family TakafulBusiness Inforce

3.88 bRM4.63 mFamily TakafulCertificates Inforce

Distribution Channels : Family Takaful New Business

88.3%

8.2%

0.7%

2.8%

14.8%

54.1%

7.2%

24.0%

Agents

Bancassurance

Brokers

Others

ANNUAL GROSS CONTRIBUTIONS SINGLE GROSS CONTRIBUTIONS


GENERAL TAKAFUL MARKET PERFORMANCE IN 2016

Net Claims Incured Ratio (NCIR)

2015 2016

51.9%

67%

18.7%

Overall

Motor

Fire

MAT

Medical & Health

49%

66.4%

9.1%

76.6% 1.8%

1.1% 58%

GENERALTAKAFUL

4.7%RM 2.41 bRM108 million increase compared to 2015

GROSS WRITTEN PREMIUMS

DISTRIBUTION CHANNELS9.6% Franchise

holders

39.4% Otheragents

DirectClients

15.4%

Internet

5.2%

Bancatakaful

19.0%

DirectChannel

20.6%Agency

49.0%

Brokers

10.6%

Industry Performance 2016General Takaful Business

Moderate growth forGross ContributionsMotor Takaful 2015 : RM 1.42 b

RM 1.46 b2.3%

2015: 10.1%

Single digit growth forGross ContributionsNon-Motor Takaful 2015 : RM 0.88 b

RM 0.95 b8.6%

2015: 7%

Industry Performance 2016General Takaful Business


AGENCY REGISTRATIONS STATISTICSNew Registrations on Individual Agents in 2016 and 2015

Family TakafulVariance

General TakafulVariance

TotalVariance

CATEGORY 2016 2015 2016 2015 2016 2015

Banca 3,6373 ,739 1026 14 449 -165 4,2514 ,188 -63

Non-Banca 14,170 13,027 -1,143 295 5002 05 14,465 13,527 -938

Total 17,807 16,766 -1,041 909 949 40 18,716 17,715 -1,001

20

162

015

Family Takaful

General Takaful

Family Takaful

General Takaful

Non-Banca Banca

Non-Banca Banca

80%32%

20%68%

78%53%

22%47%

Family Takaful

General Takaful

TOTAL

Non-Banca Banca

48,447

10,670

59,117

15,102

2,113

17,215

REGISTERED INDIVIDUAL AGENTS (breakdown by categories)


Total New Registration of Corporate Takaful Agents as at 31 December 2015 and 2016

CATEGORY 2016 2015 Total

Family 68 180 248

General 530 995 1,525

Total 598 1,175 1,773

BY AGE BANDSRegistered Individual Takaful Agents

18 - 25

26 - 35

35 - 45

46 & Above

FAMILY

5,905

28,145

17,620

11,878

GENERAL

226

3,225

4,770

4,562

BY RACE

Chinese

Indian

Malay

Others

FAMILY

18,484

1,914

42,223

924

GENERAL

4,525

313

7,488

72

Registered Individual Takaful Agents

BY GENDERRegistered Individual Takaful Agents

Family

52%General

53%

Family

48%General

47%

Total New Registration of Corporate Takaful Agents as at 31 December 2015 and 2016

CATEGORY Banca Non-banca Total

Family - 68 68

General 3 527 530

Total 3 595 598

20162015

15 1185 89

Family General

New Registrations of Family and General Corporate Agents


TAKAFUL BASIC EXAMINATION (TBE) STATISTICSTBE Registration and passing rate by structure from January to December 2016

Exam Structure Registered

AbsentSat

Passed

No % No %

Part A and B 2,564 371 14 2,193 1,829 83

Part A and C 34,106 5,765 17 28,341 19,919 70

Part B 747 76 10 671 598 89

Part C 206 21 10 185 140 76

Total 37,623 6,233 17 31,390 22,486 72

Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec

70% 70%

74% 73% 73%70% 70% 71% 71% 71%

74%

70%

Passing Rate January 2016 to December 2016

8590 90 86 78 84

75 77 8577 83 82

68 68 72 71 72 69 70 70 6970

74 69


Passing Rate (%)

Part A+B Part A+C

89

87 90 87 84 95 95 94 91

86

85

88

91

7083

6567 73

36

80 71

87

67

91


Passing Rate (%)

Part B Part C


Passing rate comparison by qualifications from January to December 2016

SPM

Part A and B Part A and C Part B Part C TOTAL

Registered 1,629 14,473 228 101 16, 431

Absent 218 2,644 22 7 2,891

Sat 1,411 11,829 206 94 13,540

Passed 1,156 7,309 176 75 8,716

- Passing Rate % 82 62 85 80 64

STPM

Registered 42 713 14 2 771

Absent 3 96 1 - 100

Sat 39 617 13 2 671

Passed 24 403 11 2 440

- Passing Rate % 62 65 85 100 66

Diploma

Registered 436 9,429 285 62 10,212

Absent 72 1,694 31 9 1,806

Sat 364 7,735 254 53 8,406

Passed 296 5,146 226 34 5,702

- Passing Rate % 81 87 89 64 68

Degree

Registered 398 8,662 187 35 9,282

Absent 67 1,193 18 4 1,282

Sat 331 7,469 169 31 8,000

Passed 309 6,510 158 24 7,001

- Passing Rate % 93 87 93 77 88

Others

Registered 59 829 33 6 927

Absent 11 138 4 1 154

Sat 48 691 29 5 773

Passed 44 551 27 5 627

- Passing Rate % 92 80 93 100 81

GRAND TOTAL

Registered 2,564 34,106 747 206 37,623

Absent 371 5,765 76 21 6,233

Sat 2193 28,341 671 185 31,390

Passed 1829 19,919 598 140 22,486

- Passing Rate % 83 70 89 76 72

82 6285 80

Part A&B Part A&C Part B Part C

SPM

62 65 85 100


STPM

81 6789

64


Diploma

93 87 93 77


Degree


KEY DEVELOPMENTS OF ThE INDUSTRY

2016

2015

2017

2018

• Removal of ME limits

• Removal of AFS limits • Improve IFAs’ access to

Family Takaful products

• Pilot BSC Implementation

• Phase 1 - Availability of online accounts facilities

• Introduction of service guide for consumers (AGENTS)

• Removal of commissions limits for term Takaful

• Removal of commissions limits for CI & MHT

• Removal of commissions limits & ARE with MAR for ILP

• Removal of commissions limits & ARE for other ordinary Family Takaful & annuity

2019

Phase I

Phase II

• Build presence of direct channels by offering commission free term Takaful

• Alignment of banca commissions limits with corporate agents

• Build presence of direct channels by offering commission free CI & MHT

• Actual BSC Implementation

• Implementation of enhanced product disclosures in benefits illustrations

Prior to 1 Jul 2016 • All available product as defined in Tariffs are subject to Tariff rates • Gradual adjustments to tariff rates for identified risk groups

Effective from 1 Jul 2016 onwards – Flexibility in product offering • Continue to offer same products at same prices that were being offered as

at 30 June 2016 in accordance with Tariffs. • Allow new products at Takaful contribution rates at market rates)

Effective from 1 Jul 2017 onwards Gradual Tariffs adjustments • Pricing for 3rd Party’s products must

adhere to Motor Tariff & any pricing adjustments which BNM may specify for identified classes of vehicles

Flexibility in product pricing • Pricing for comprehensive & 3rd Party

Fire & Theft will be liberalised. TOs are allowed to determine Takaful contribution rates for such products

• Pricing of fire products shall be in accordance with Fire Tariff & any pricing adjustments which BNM may specify for identified categories of risks

• The progress and impact of the phased liberalisation will be evaluated to determine the readiness of consumers and the industry for further Liberalisation

FIS Implementation

Items Expected Condition FIS Commitment to implement in 2017 ISM Data submission

Implementation of measures to improve quality of submissions to ISM

AACC Commitment to support and enhance AACC s effectiveness on an on-going basis

MMIP Marked reduction in vehicles referred to MMIP. MMIP to revert to its original role as a high risk pool

Distribution channels

Motor and fire products to be made available for purchase via aggregatorsby 2018

Phase I

Phase II

• BNM’s expectation for industry’s strong commitment for further liberalisation after 2018

30 Dec 2016 - • Submission of final conversion

plan to single insurance or Takaful business

Online products comparator Phase 1 – Static / Information

30 Jun 2016 - • Submission of interim progress

report of the proposed conversion exercise

Submission to BNM

Jun 2015 - • Submission of the preliminary plan

submitted to BNM

1 Jul 2018 • Completion of the conversion

exercise & operate under single licence

KEY INDUSTRY DEADLINES LIFE Framework Phased Liberalisation of

Motor and Fire Tariffs Single Takaful Business Conversion Pillar One: Gradual removal of

limits on operating costs Pillar Two: Diversification of

distribution channels Pillar Three: Strengthening

market practices Motor business Fire business

1 Jul 2016

1 Jul 2016

1 Jul 2016

1 Jul 2017

1 Jan 2018

• Key changes in respect to product & distribution strategies, operational frameworks & risk management

30 Jun 2016

1 Jul 2017

1 Jan 2015

1 Jan 2018

1 Jan 2017

1 Jan 2018

1 Jan 2019

• Phase 2 - Availability of online accounts facilities

31 Mar 2017

• Introduction of service guide for consumers (BANCA) 1 Jan 2017

1 Jan 2018

2nd Quarter 2017

1 Dec 2015

1 Dec 2015

Establishment of Association’s Independent Review Committee • to ensure common terms definitions are appropriate, consistent & not lead

to ambiguity or confusion for Takaful participants. • Where new products offered by insurers & TOs are comparable, the

industry associations are to standardise common descriptions &terminologies wherever possible such as loading, excess & betterment.

Online products comparator Phase 2 – Transactional

Regulatory changes involving the Takaful industry

Takaful Operational Framework & the revised Shariah

Governance Framework

The new Islamic Financial

Services Act 2013

Risk Based Capital for

Takaful

Appointed Actuary & Goods

& Services Tax (GST)

Financial Condition Reports &

Operationalisation of Financial

Ombudsman Scheme

LIFE Framework & Phased

Liberalization of Motor and Fire

Tariffs

Conversion to Single Takaful

Business

2012 2013 2014 2015 2016 2017 2018

e-Payment MigrationTakaful Taxation

Personal Data Protection Act 2010Adoption of industry code of practices

Competition Act 2010

KEY INDUSTRY DEADLINES


Life Insurance and Family Takaful (LIFE) FrameworkIn November 2015, Bank Negara Malaysia has issued the Life Insurance and Family Takaful (LIFE) Framework to both Takaful and insurance industries. The Framework aims to promote innovation and a more competitive market supported by higher levels of professionalism and transparency in the provision of insurance and Takaful products and services. This will be achieved through specific initiatives introduced under the Framework, which can be broadly summarised under three main pillars as follows:

a) Gradual removal of limits on operational costs to promote product innovation while preserving policy/certificate value Life insurers/family Takaful operators will be given greater flexibility to manage their operating expenses, commensurate with their business strategy. however, consumers’ interests will remain protected through appropriate safeguards that will preserve their policy/certificate value;

b) Diversified distribution channels to widen outreach Life insurance/family Takaful products will be accessible to consumers through a wider range of delivery channels that are most convenient and appropriate. Diversified distribution channels can also contribute towards lowering the cost of life insurance/family Takaful products by promoting consumer choice and competition in the market; and

c) Strengthened market conduct to enhance consumer protection The level of professionalism of intermediaries will be enhanced to ensure consumers are given proper advice. At the same time, initiatives to facilitate informed decision making by consumers will be further pursued by strengthening product disclosure standards with greater transparency and clarity in order for consumers to better understand product features. This will be complemented by mechanisms introduced to facilitate meaningful and effective product comparisons.

To support and facilitate a smooth implementation of LIFE Framework to all industry players, MTA and LIAM have formed a joint working committee to look into and manage the technical details of the framework. There are currently 3 MTA-LIAM joint working committee, 1 MTA Special Task Force and 3 MTA working committee.

The following initiatives have taken place in view of the implementation of LIFE Framework:

i. Mock run of Balanced Score Card for Agents

ii. Mock run of Balanced Score Card for Bancatakaful

iii. Development of Service Guide for Consumers

iv. Availability of Online Account Facilities

v. Building Presence of Direct Channels

vi. Enhancement of Product Disclosure in Marketing Illustrations

Phased Liberalisation of Motor and Fire TariffsOn 30 June 2016, Bank Negara Malaysia (BNM) has released its Policy Document of Phased Liberalisation of Motor and Fire Tariffs. The Policy Document imposes requirements that are intended to ensure:

i. the transition to market-based pricing is gradual, and is supported by prudent risk management and practices;

ii. access to basic protection or compulsory lines remain affordable, and any adjustment to the prices of such products, is implemented gradually;

iii. consumers‟ interests remain protected through enhanced transparency and improved sales and marketing practices; and

iv. overall stability in the general insurance and Takaful market is preserved.

One of the major impacts of the Phased Liberalisation of Motor and Fire Tariff is the liberalisation of the Motor and Fire Tariffs which is hoped to give greater choice to consumers especially.

Independent Review Committee (IRC)

In compliance with Bank Negara Malaysia (BNM) Policy Document of Phased Liberalisation of Motor and Fire Tariff, the Association has established an Independent Review Committee (IRC) to review the existing and new products submission by Takaful operators.

The IRC’s function is to ensure that definition of common terms in the certificates are appropriate, consistent and will not lead to ambiguity or confusion to certificate owners.

Joint Task Force (JTF) on Communications for National Consumer Education Campaign (NCEC) on Phased Liberalisation

The Association is part of the Task Force on Communications for National Consumer Education Campaign (NCEC) that comprises of Bank Negara Malaysia (BNM) and Persatuan Insurans Am Malaysia (PIAM) which was set up to educate consumers with regards to options that are available to them when choosing the right type of motor and fire insurance/Takaful products in the light of the liberalization of fire and motor


insurance/Takaful practices. It will also focus on creating awareness amongst the public on the price changes of motor Takaful which is scheduled to take place in July 2017.

The Task Force will also be responsible to oversee a nationwide campaign with the involvement of Association members.

E-Payment Implementation and Awareness PlanThe insurance and Takaful industry have been promoting and encouraging the usage of e-payments in the industry and reduce cheque issuance. MTA-LIAM-PIAM through a joint working committee are working on a communication plan to promote e-payment awareness and to fully migrate to e-payment in the insurance and Takaful industry. A briefing session was organized in July by MyClear to the Associations’ members to provide better understanding on the type of services being offered while ironing out several operational issues pertaining to the services. The joint working committee is also working with MyClear to come up with contest campaign that ties-in with its services on offer while finding strategies that could be incorporated into the communication plan.

Guidelines on Family Takaful ProductsBank Negara Malaysia will reissue the Guidelines with respect to the development of Life Insurance and Family Takaful (LIFE) Framework. It will incorporate additional requirement in relation to the revised marketing illustration. The Guidelines is now being revised at Bank Negara Malaysia after compiling industry’s feedback on the proposed additional requirement.

Concept Paper on Direct Distribution Channel for Pure Protection ProductsThe Concept Paper was issued on 28 October 2016, which will be applicable to both life insurers and Takaful operators with life and family Takaful business. Under the the Life Insurance and Family Takaful (LIFE) Framework, the concept papers sets out the requirements for the offering of pure protection products through direct distribution channels by licensed insurers and Takaful operators that offers affordable products in order to encourage all Malaysians to take up basic coverage for their family.

Hospital and Surgical Insurance/ Takaful GuideThe hospitalisation & Surgical Insurance/Takaful Guide (hSI Guide) is one of the initiatives taken under MTA-LIAM-PIAM Joint Technical Committee for Medical and health. The hSI Guide is revised to be the minimum basic standards and controls for the transaction of hospitalisation and surgical insurance/Takaful business by the general and life insurers as well as Takaful operators.

The hSI Guide is a recommended guide for hospitalisation and surgical insurance allows Insurers/Takaful operators to help them have a basic understanding of the principles used in underwriting hospitalisation and surgical insurance/Takaful risk so as to avoid adverse or anti-selection. The hSI Guide is designed to ensure fair treatment of policyholders/certificate holders and reduce disputes through the standardisation of definitions used in hospitalisation and Surgical insurance.

RESEARCh & DEVELOPMENTS OF ThE INDUSTRY

Research Collaboration With The International Shariah Research Academy (ISRA)

Takaful AnnuityThe International Shariah Research Academy (ISRA) in collaboration with MTA has embarked on an initiative to look into Takaful Annuity products. During a meeting with MTA on 24 March 2016, ISRA has presented few product features, proposed model, issues and concerns related to Shariah, BNM Regulation, investment and implementation of the product. In principal, member companies have agreed to take up the initiative to come up with such product and ISRA will carry out its research on the challenges to develop annuity products in Malaysia based on a common agreed model. The research is expected to

complete in February 2017 with a focus group discussion planned in January 2017.

Takaful Benefit (Nomination) In The Context Of IFSA 2013: A Critical AppraisalShariah review on the assignment of Takaful benefit and Certificate was conducted on 11 October 2016 with the targeted final draft issued on December 2016.

GST On Tabaru’The objective of the research is to explain the structure of GST on Takaful products a focus on Tabarru’ fund. The research will also highlight maqasid shariah (objective) of Takaful with regards to taxation and the effects of GST on customer. ISRA currently is in the midst of completing


the research of Goods and Services Tax (GST) on Tabarru’ Fund by end of March 2017.

As at October 2016, initial findings have been presented to ISRA. The first draft write-up is currently put on hold to give priority to Contra Trading paper that will be presented in ISSF in early November 2016. The submission of Revised Draft for review process was targeted on February 2017 and the final draft will be issued on March 2017.

Compensation of Late Payment Of Death ClaimThe objective of the research is to seek if there is any Shariah issue on the compensation whether beneficiary is eligible to receive the amount or need to be channelled out to charitable organizations. ISRA is now in the midst of preparing a proposal and the research will commence in June 2016.

The submission of Revised Draft for review process was targeted on March - April 2017 and the final draft will be issued on May 2017.

Focus Group Discussion On MicrotakafulInternational Shariah Research Academy (ISRA) in collaboration with MTA organised a Focus Group Discussion on Microtakaful based on the research paper titled “An Exploratory Study On The Role Of Zakat And Waqf In Micro Takaful Scheme In Malaysia”. The event was held on 20 April 2016 at MTA Boardroom.

Research Collaboration With Universiti Sultan Zainal Abidin (Unisza) And Universiti Malaysia Kelantan (UMK)The research paper titled “Developing a Unified Framework of Takaful Rules and Regulations for Two Asean Countries” is currently under way and research work has started since 1 November 2016 and it is expected to complete on 30 October 2017 (24 Months). This research will highlight how each country adopts their own regulatory framework as oppose to common or unified regulatory framework which would have promote greater progress of Takaful industry in region. This project intends to identify, make a comparison and recommend a unified framework of Takaful Rules and Regulations in Malaysia and Indonesia. The findings of this project will highlight the similarities and differences of the comparative rules and regulations and will form the base for the proposal for a unified framework from Malaysia and Indonesia.

The objective of this research is to identify the Takaful rules and regulations for two ASEAN countries (Malaysia and Indonesia), as well as to analyze the similarities and the differences of Takaful rules and regulations for the two ASEAN countries (Malaysia and Indonesia). At the end of the research, the paper will be recommending a unified framework on Takaful rules and regulations for the two ASEAN countries (Malaysia and Indonesia).

TALENT AND INTERMEDIARIES DEVELOPMENT

MTA-AIBIM-MIBA Joint Collaboration With The Chartered Institute Of Islamic Finance Professionals (CIIF)It is an establishment for a global reference point for professional talent development as the Islamic finance industry continues to expand internationally. The CIIF will serve as the professional body responsible for setting global quality standards for professional education in Islamic finance. The issuance of those standards is expected to spur the expansion of its membership base worldwide.

Following the signing of the Islamic Finance Profession Charter (Charter) on 21 November 2015 by MTA, MIBA, AIBIM and the CIIF, CIIF as the administrator of the Charter is now proceeding to operationalize the Charter towards fulfilling its objectives. Charter Governing Panel that will be the primary organ that will provide leadership and direction of the Charter.

Young Takaful Manager Leadership (YTML) Program The YTML development of module was completed by Coach2Success in May 2016. This program was designed for middle management managers looking for cross-functional management leadership training. It was was intended to help young managers prepare and position themselves for higher responsibility, boost their confidence and gain deeper understanding of change issue facing the industry. The first YTM program is scheduled in early January 2017.

Leadership and Agency Management Program (LAMP)In seeing for the bright future of Takaful, the industry endeavours to develop the LAMP Module in order to ensure the professionalism of Takaful Agency leaders. The launch of LAMP is deferred to 2017 in ensuring the LAMP module is better than the current BAMC. The deferment


was due to the re-writing and enhancement to the LAMP syllabus contents. After the Train the Trainers session held on 1st and 2nd March 2016, the industry has revised the whole contents of LAMP and upon consultations and brainstorming sessions, the LAMP syllabus was enhanced and re-written by IBFIM’s consultants. The consultants assured that the enhanced syllabus would be benchmark against the latest BAMC as they were involved in the writing of the latest BAMC.

Training the Trainer Seminar on Financial Education by Agensi Kaunseling dan Pergurusan Kredit (AKPK)The Train the Trainer Seminar on Financial Education with AKPK was held on 22 and 23 November 2016. This seminar is an enhancement of the POWER! Program that provides useful information and tips as well as providing financial toolkit to encourage prudent money management and financial discipline. It highlights the consequences of financial decisions in real-life situation focusing on common financial products such as credit cards, hire purchase and housing loans. A total of 28 Takaful Operator’s agency trainers and agency leaders attended the seminar. AKPK will certify only qualified trainers of the Takaful industry to run the in-house training to intermediaries.

Chartered Takaful Practitioner (CTP)Under the Capacity Building Project by IBFIM, Chartered Takaful Practitioner (CTP) was developed to promote the enhancement of professionalism among Takaful

practitioner. Once fully developed, the CTP will comprise of three levels with nine modules.

Young Takaful Manager Synergy Program The Young Takaful Manager Synergy Program (YTMS) was held on 19 October 2016 with participation from all member companies. The program was introduced to bring together bright young managers of the Takaful industry below the age of 35 who will potentially be the industry’s future leaders, to a platform which provides them opportunities to network, interact and have intellectual discourse on topics that are relevant to the industry.

The objectives of the program are as follows:

i. To create a platform for intellectual discourse in the Takaful industry;

ii. To tap on synergy from collective great minds and experiences of young managers in the industry;

iii. To provide opportunities for young managers in the industry (who will potentially be the future leaders) to enhance their business acumen, thinking process and articulation skills by sharing their ideas and thoughts on topics that are key to the industry;

iv. To provide findings and resolutions to the Takaful Operators as post program value add outcomes; and

v. To foster a cohesive Ta’awun spirit among Takaful Operators

EVENTS, CONFERENCES AND SEMINARS

Takaful StarNite 2016 - Dinner and Awards NightThe Takaful StarNite 2016 was held on 25 March 2016 at The Royale Chulan hotel Kuala Lumpur. Gracing the event as guest of honour was the Royal highness Sultan Perak, Sultan Nazrin Muizzudin Shah. A total of 700 guests attended the event including press media. The event received good media coverage in News Straits Time Online, Bernama, Bernama TV, Berita RTM, TV1, Berita harian, Utusan Malaysia and The Star Online.

Takaful Industry Records Growth in General and Family SectorsNew Straits Times Online25 March 2016

Anugerah Takaful Utusan Malaysia26 March 2016

Higher Contribution From Takaful General BusinessThe Star Online - The Star newspaper28 March 2016

Industri Takaful Positif Sepanjang 2015: Sumbangan Perniagaan Takaful Am Meningkat 6.3%TV1, 7.00pm26 March 2016

Growing digital consumers are set to change the way of doing business in the takaful and insurance with online buzz challenging the traditional channelsBernama TV – Bernama news, 8.00pm26 March 2016

Sumbangan Perniagaan Am Takaful Meningkat 6.3 Peratus Pada 2015Berita RTM Online26 March 2016

Takaful General Business Contribution Rise 6.3 Per Cent in 2015Bernama.com 28 March 2016


Supporting Associations to the following conferences:• GlobalIslamicFinanceForum(GIFF)

MTA took on the role as a strategic partner at the Global Islamic Finance Forum (GIFF 5.0) that was held on 10-12 May 2016. Spearheaded by the Association of Islamic Banking Institutions Malaysia (AIBIM), GIFF is a prime event in the Islamic finance events calendar which is held every two years in Malaysia. GIFF is an international marketplace for the Islamic financial industry and global businesses to showcase business propositions as well as to share innovation-driven insights in unlocking and enhancing the true potential of Islamic finance.

• TheTakafulRendezvous2016The Takaful Rendezvous was held on 27 – 28 September, 2016 at Mandarin Oriental hotel, Kuala Lumpur. This year’s Takaful Rendezvous looked at the unique value proposition of Takaful in the era of digital disruption while rising to the challenges of innovation, distribution and brand strategy to

capture the mass market. TTR 2016 also offers a valuable platform to interact and engage with regulators and market players to strategies on the future prospects of the industry Event Theme for this year event is Getting Ready for Disruptive Innovation in Takaful.

• IslamicFinanceInnoFest(IFInnoFest)2016held for the first time, the one-day IFInnoFest 2016 is organised by INCEIF, with the support of Bank Negara Malaysia, the Association of Islamic Banking Institutions Malaysia (AIBIM) and the Malaysian Takaful Association (MTA). The inaugural event was held at Sasana Kijang, Bank Negara Malaysia on 24 november 2016 with the theme ‘Energising Innovation in Islamic Financial Services’. IFInnoFest 2016 is among the initiatives conducted by the Islamic finance industry to serve as a platform in energising innovative ideas in its aim to bring the industry forward.

TAKAFUL AWARENESS ACTIVITIESCommunity Engagement

Jalinan Takaful Iftar Ramadhan

MTA and Etiqa Takaful Berhad have joined forces in organizing the Jalinan Takaful Iftar Ramadhan as part of the industry’s Community Engagement (CSR) effort. Aimed at raising Takaful awareness within the targeted local communities, the event was held on 22 June 2016 at Masjid Al-hidayah, Taman Melawati. The event also included religious talk by Ustaz Mohd Fauzi Mustaffa who delivered the topic on “Perlakuan Di Bulan Ramadhan : Makin Baik, Statik atau Tersasar” followed by presentation of Duit Raya, Baju Raya and food hampers to the orphans, poor folks (asnaf), OKU and Muallaf.

Article writing on TakafulMTA has engaged Loanstreet Sdn. Bhd., an online aggregator company that provides financial services to consumers to help come up with relevant educational content and drive Takaful awareness by means of trust marketing via electronic document management system (EDMS) and Advertorials.

A total of six (6) editorial articles/infographics series were written by Loanstreet team of writers including translation into Bahasa Malaysia. The 6 series of articles covered the following topics:

i. Complete guide to Takaful;

ii. how does Takaful compare to conventional insurance;

iii. Why socially conscientious people choose Takaful;

iv. Top 3 common misconceptions of Takaful;

v. how to get cashback on unutilized insurance premiums; and

vi. how Unnecessary Takaful claim have distorted market prices.

Lecture SeriesThe lecture series continue to become part of the MTA’s Takaful awareness program in 2016 especially through industry lectures that were conducted at higher learning institutions. The following lectures were successfully conducted in 2016:

Date : 16 March 2016Audience : 55 students of Diploma in Business Studies

and Diploma in Insurance Studies, Politeknik Sultan Salahudin Abdul Aziz Shah

Venue : Politeknik Sultan Salahudin Abdul Aziz ShahTopic : Understanding Features of General and

Family Takaful ProductsSpeaker : Encik Mas Akmar Rizal haji Mansor,

AmMetLife Takaful Berhad Encik Tuan Faizul Bin Tuan Abdullah, Syarikat

Takaful Malaysia Berhad Date : 21 March 2016Audience : Bachelor Degree of Business Administration

And Insurance (hons) Universiti Teknologi MARA (UiTM) Puncak

AlamVenue : Universiti Teknologi MARA (UiTM) Kampus

Puncak AlamTopic : Takaful Growth In Malaysia and Common

Mis-conception on Takaful by General PublicSpeaker : MTA Secretariat and MTA Member

Companies Date : 21 April 2016Audience : 170 students of Bachelor Degree Business

Administration (hons) Insurance, Universiti Teknologi MARA (UiTM) Puncak Alam

Venue : Fakulti Sains Kesihatan, Universiti Teknologi MARA (UiTM) Kampus Puncak Alam


Topic : 1. Talk: Takaful Growth in Malaysia 2. Forum: Common Mis-conception on

Takaful by the General PublicSpeaker : 1. Talk: Encik Azli Munani, CEO/Executive

Secretary, Malaysian Takaful Association 2. Forum:

Moderator: Encik Mas Akmar Rizal Bin haji Mansor, AmMetLife Takaful Berhad

Panellist 1: Encik Arif Azhan Bin Abd Ghani, AmMetLife Takaful Berhad

Panellist 2: Encik Mas Fazulah, Takaful Ikhlas Berhad

Panellist 3: Mr Muthusamy a/l Perumal, Prudential BSN Takaful Berhad

Date : 15 May 2016Audience : Members of Kelab MARIM Student Chapter,

Universiti Sultan Zainal Abidin (UniSZA), Terengganu

Venue : UniSZA, Gong Badak, TerengganuTopic : Risk Management Date : 29 August 2016Audience : 40 Students from Universiti Teknologi Mara

(UiTM) PerlisVenue : Malaysian Takaful AssociationTopic : Role of Takaful and ActuarySpeaker : Puan Sharifah Zarina Syed Osman, Zurich

Takaful Malaysia Berhad Encik Mohd Nazmi hosnih, Malaysian Takaful

Association Date : 27 September 2016Audience : 200 Students Risk Insurance and Financial

Awareness (RIFA 2.0) ProgramVenue : Universiti Teknologi Mara UiTM Shah AlamTopic : Mortgage Reducing Term Takaful (MRTT) vs

Mortgage Leveling Term Takaful (MLTT) by Malaysian Takaful Association (MTA)

Speaker : Encik Mukhrizaid Mohd Zakaria, Great Eastern Takaful Berhad

Forum : Moderator: Ustaz Mohamed hadi Abd hamid, Etiqa Takaful Berhad

Panelist: Panellist 1: Encik Shahnaz Udin, Syarikat

Takaful Malaysia Berhad Panellist 2: Ustaz Mohamad Saifuddin

Gahnehman, Sun Life Malaysia Takaful Berhad

Date : 15 October 2016Audience : 180 Students Politeknik Sultan Salahuddin

Abdul Aziz ShahVenue : Politeknik Sultan Salahuddin Abdul Aziz ShahTopic : Takaful Industry ChallengesSpeaker : Ustaz Mohamed hadi Abdul hamid, Etiqa

Takaful Berhad Encik Mohd Nazmi hosnih, Malaysian Takaful

Association Date : 4 November 2016Audience : 200 Students International Islamic

University Malaysia (IIUM)

Venue : Lecture Theater 1 (LT1), International Islamic University Malaysia (IIUM).

Topic : Malaysian Takaful Industry: Development and Key Challenges

Speaker : Encik Mas Akmar Rizal haji Mansor, AmMetLife Takaful Berhad

Encik Mohd Nazmi hosnih , Malaysian Takaful Association

Date : 17 November 2016Audience : Actuarial Studies students, Sunway

UniversityVenue : Sunway UniversityTopic : Role and responsibilities of MTA in

supporting the development of the Takaful Industry in Malaysia.

Speaker : Encik Azli Munani, Malaysian Takaful Association

Encik Mohd Nazmi hosnih, Malaysian Takaful Association

BNM Mobile LINKBNM has continued the Mobile link program for year 2016 with participation from MTA member companies. The Mobile link programs are as follows:

Date: : 9 April 2016Program : Rangkuman Kewangan bersama penduduk

Kg. Gadong, RembauVenue : Dewan Serbaguna Kg. Gadong Kota, Negeri

Sembilan Date : 22 April 2016Program : Program Kaunter Bergerak BNM LINKVenue : Dewan Serbaguna Kundang Ulu, Tangkak

Johor Date : 14-15 May 2016Program : Mobile Link Engagement SessionVenue : Dewan Sekolah Menengah Cheneh Baru

Kemaman Terengganu Perkarangan Masjid Jamek Berserah

Kuantan, Pahang Date : 25 – 27 August 2016Program : MobileLINK Engagements in TerengganuVenue : Dewan Sivik, Seberang Pintasan Dungun,

Dewan ILP Marang, Kampung Bukit Parit and Dewan Orang Ramai Kondo Rakyat Kuala Ibai

Date : 24 – 25 September 2016Program : Program Kaunter Bergerak BNMLINK di

Jasin dan Alor GajahVenue : RTC Sungai Rambai, RNR Sungai Rambai

Jasin Melaka Dewan JAPERUN Kuala Linggi Kuala Sungai

Baru Melaka Date : 13 – 14 November 2016Program : Mobile Link Engagement SessionVenue : Mini RTC Pamah Kulat Ulu Dong Raub

Pahang Dewan Besar Sungai Temaul Felcra Sungai

Temau Kuala Lipis Pahang


Collaborations

Collaboration with Institut Latihan Islam Malaysia (ILIM)

MTA and ILIM under a joint collaboration organized a Seminar Pemahaman Takaful held at ILIM training centre on 19 August 2016. A total of 250 government officers from various departments attended the program that was officiated by YB Senator Dato’ Dr. Asyraf Wajdi Dato’ Dusuki, Deputy Minister in the Prime Minister’s Department. The program that consists of five (5) sessions not only involved participations of speakers, moderators and panellist from the industry but also prominent external speakers.

Visitation to potential new collaborative partners

MTA continues to work on collaborating with suitable new partners with the aim of organising various Takaful awareness programs for their respective members/staff. In the year 2016 MTA made courtesy visits to eight (8) various organizations to discuss on organizing a Seminar Pemahaman Takaful for their staff/members and other collaboration initiatives as part of its effort to raise Takaful awareness.

Dates Venue Speakers

16 March 2016 DewanFELDA Chini 3, Masjid Al Makmuriah, Chini Pahang Ustaz Mohamad hafizal Elias Great Eastern Takaful Berhad

21 March 2016 Auditorium Majid Negeri Melaka, Melaka Ustaz Wan Mohd Nazman Bin Wan Mahmud Takaful Ikhlas Berhad

20 April 2016 Dewan FELDA Rentam, Masjid An-Najah, Rentam, Teriang, Pahang

Ustaz Abdul hakim Johari Prudential BSN Takaful Berhad

18 May 2016 Dewan FELDA Palong Timur 3, Bukit Anam, Segamat Johor Ustaz Mohamad Khairul Daim Ahmad Shamsuri AIA PUBLIC Takaful Bhd.

30 August 2016 Dewan FELDA Raja Alias 2, Raja Alias, Jempol, Negeri Sembilan

Ustaz Mohamed hadi Abd hamid Etiqa Takaful Berhad

30 August 2016 Dewan FELDA Kota Gelangi 1, FELDA Kota Gelangi, Jengka, Pahang

Ustaz Ahmad Murshidi Ahmad Mukhtar Great Eastern Takaful Berhad

25 October 2016 Dewan FELDA Bukit Bading, Bading Terengganu Ustaz Wan Jemizan W Deraman Takaful Ikhlas Berhad

27 October 2016 Dewan FELDA Lawin Selatan, Masjid Al-Islahiah, Trolak, Perak

Ustaz Ahmad Murshidi Ahmad Mukhtar Great Eastern Takaful Berhad

16 November 2016 Dewan FELDA Adela, Masjid Al-Ikhwan, Adela, Johor Bharu, Johor

Ustaz Muhamad Siddiq Masror AIA PUBLIC Takaful Bhd.

07 December 2016 Dewan FELDA Ulu Belitong, Masjid An - Naim, Segamat, Johor

Ustaz Mohamad hafizal Elias Great Eastern Takaful Berhad

09 March 2016 Politeknik Tuanku Sultanah Bahiyah, Kulim Takaful Ikhlas Berhad (Bandar Baru Perda, P. Pinang Branch)

22 March 2016 Politeknik Melaka, Melaka Ustaz Wan Mohd Nazman Wan Mahmud Takaful Ikhlas Berhad

29 March 2016 Politeknik Seberang Perai, Pulau Pinang Ustaz Mohd Radzi Ahmad Takaful Ikhlas Berhad (Bandar Baru Perda, P. Pinang Branch)

22 April 2016 Universiti Sultan Zainal Abidin (UniSZA), Terengganu Ustaz Mohamed hadi Abd hamid Etiqa Takaful Berhad

07 May 2016 Universiti Malaysia Pahang (UMP), Pahang Ustaz Abdul hakim Johari Prudential BSN Takaful Berhad

09 May 2016 Politeknik Kuala Terengganu, Terengganu Ustaz Mohd Ridwan Roslan Takaful Ikhlas Berhad

17 August 2016 Politeknik Ungku Omar, Ipoh, Perak Ustaz Mohamad hafizal Elias Great Eastern Takaful Berhad

27 July 2016 Politeknik Sultan Azlan Syah, Behrang Perak Ustaz Mohamad hafizal Elias Great Eastern Takaful Berhad

20 September 2016 Universiti Utara Malaysia (UUM), Sintok, Kedah Ustaz Mohamed hadi Abd hamid Etiqa Takaful Berhad

27-29 September 2016 Politeknik Tuanku Syed Sirajuddin Ustaz Ahmad Murshidi Ahmad Mukhtar Great Eastern Takaful Berhad

7-8 October 2016 Universiti Malaysia Terengganu (UMT), Terengganu Ustaz Muhamad Ilyas Mohd Mydin

Collaboration with Yayasan Dakwah Islamiah Malaysia (YADIM)

The collaboration with YADIM continued to be an integral part of promoting Takaful awareness through the Celik Muamalah program. Through programs such as the Simposium Muamalah and Kursus Muamalah Milenia, MTA was able to reach out to communities through the various Takaful talk series carried out by our Shariah members.

This year, YADIM has introduced a short video contest with Takaful being its central theme. held from 18 April to 8 August 2016, the contest was opened to all students of higher learning institutions where participants were given the following title for them to choose from:

• KeperluanTakafuldariPerspektifSyara’danEkonomi Islam

• KonsepTabarru’dalamTakafuldanPerbezaandengan Insurans

Simposium Muamalah and Kursus Muamalah Millenia program participated by MTA member companies


• PerananTakafuldalamMengurusTadbirRisiko

• MengenaliTakafuldanKepentingannya

• MenyanggahiSalahFahamMasyarakattentangTakaful

The winners of the Celik Muamalah short video contest are:

Champion : Sekolah Menengah Kebangsaan Agama Johor Bahru

2nd Place : Kolej Islam Antarabangsa Sultan Ismail Petra (KIAS)

3rd Place : Danial Arif Kolej Vokasional Kuantan

Adequacy of Sum Covered for Fire and Houseowner Takaful CertificatesThe Association is working hand in hand with Persatuan Insurans Am Malaysia (PIAM) in developing a Building Cost Calculator (BCC) for the industry. The BCC Working Committee has appointed Jurukur Bahan Pendita Sdn Bhd to develop the system and it is currently being tested under the User Acceptance Testing (UAT) stage. The system that is being developed will greatly assist the industry to guide the consumers in determining the adequacy of sum covered for their property.

Fraud Intelligence System (FIS)In order to address the issue of fraud faced by the insurance and Takaful industry, Insurance Services Malaysia (ISM) has proposed a Fraud Intelligence System (FIS) to the Associations of MTA and PIAM. The system will identify potential fraudulent claims by using cutting edge analytical techniques such as Predictive Analysis, Social Network Analysis and Data Integration. The system will focus on Motor insurance and Takaful before expanding to other lines of business.

An industry briefing on the proposed project was held on 22 February 2016 covering scope, benefits, implementation strategy and financing aspect of the project. It was followed by a second industry briefing of Product Demonstration on 2 June 2016.

MTA and PIAM have accepted the proposal and are actively collaborating with ISM to establish the structure of the system. FIS has been scheduled to go live in July 2017 and is expected to significantly improve the industry capability to detect fraud that will result in huge savings in claims paid out.

INDUSTRY COLLABORATIONS

COURTESY VISITS AND TALKSMTA continues to receive courtesy visits from various embassies and institutions in 2016. The Association will continue to accept visitation requests as it continue to build good network and establish goodwill relationship with relevant parties.

FOSTERING RELATIONShIP ACTIVITIESIn an effort to foster relationship among the member companies, the Association has collaborated with member companies to organize several sports activities. It was also aimed to promote healthy and balanced lifestyle between work and recreation. These events were well participated by member companies. The sport and recreational activity was as follows:

Inter Takaful Operator Futsal Tournament 2016

Date : 15 November 2016Organiser : Great Eastern Takaful Berhad


MARCH APRIL

MTA EVENTS & ACTIVITIES HIGHLIGHTS 2016

MAY

JUNEJULYAUGUST

SEPT

OCTNOV

DEC

THE TAKAFUL STARNITE 201625 MARCH 2016, ROYALE CHULAN HOTEL

LECTURER SERIES 16 MARCH 2016, POLITEKNIK SHAH ALAM

BNM TELELINK22 APR 2016, TANGKAK, JOHOR

FOCUS GROUP - MICROTAKAFUL VISIT FROM TURKISH EMBASSY20 APRIL 2016, MTA 11 APR 2016, MTA

LECTURER SERIES 21 APRIL 2016, UITM PUNCAK ALAM

VISIT FROM UUM 29 APR 2016, MTA

VISIT FROM AUSTRALIA ACTURIES ASSN 9 MAY 2016, MTA

VISIT FROM CUSTOM & TRADE OF TURKEY23-26 MAY 2016, MTA

VISIT FROM UNISZA16 MAY 2016, MTA

COURTESY VISIT 19 MAY 2016, AIM

IFTAR RAMADHAN 22 JUNE 2016, MTALEMBAGA ZAKAT SELANGOR

MTA SESSION WITH

15 JULY 2016, LZS

COURTESY VISIT 2 AUG 2016, YADIM

COURTESY VISIT 9 AUG 2016, UIA

MEETING WITH JAWHAR 11 AUG 2016, MTA

PEMANDU VTREC WORKSHOP 16 AUG 2016, PAUM CLUB HOUSE

VISIT FROM MEIJIYASUDA JAPAN

24 AUG 2016, MTA

VISIT FROM UITM PERLIS29 AUG 2016, UIA

MTA SESSION WITH

1 SEPT 2016, AIMSAHABAT AIM

TAKAFUL RENDEZVOUS27 SEPT 2016, INTERCONTINENTAL LECTURER SERIES

15 OCT 2016, POLISAS FUTSAL TOURNAMENT

15 OCT 2016, CHALLENGER SPORTS AMPANG

MANAGER SEMINARYOUNG TAKAFUL

19 OCT 2016, PORT DICKSON MTA REFRESHER TRAINING

26 OCT 2016, ETIQA ACEDEMY

COURTESY VISIT 18 APRIL 2016, SME ASSN

SEMINAR PEMAHAMAN TAKAFUL 19 APRIL 2016, ILIM

LECTURER SERIES 4 NOV 2016, IIUM

LECTURER SERIES 17 NOV 2016, SUNWAY COLLEGE

TTT WITH AKPK23 NOV 2016, MENARA TAKAFUL

IF INNOFEST 201624 NOV 2016, SASANA KIJANG

VISIT TO AKPK7 DEC 2016, AKPK

CELIK MUAMALAH VIDEO CONTEST

13 DEC 2016, HI TEA

VISIT FROM KUIN20 DEC 2016, MTA

WACANA MUAMALAT ISLAM27 DEC 2016, KUIPSAS


ANNUAL REPORT

MALAYSIAN TAKAFUL ASSOCIATIONStriving for Industry Excellence

A YEAR OF ACCOMPLISHMENTS

www.malaysiantakaful.com.my

www.facebook.com/malaysiantakafulassociation

@malaysiantakafulassociation

Contact UsMalaysian Takaful Association

21st Floor, Main Block, Menara Takaful MalaysiaNo 4, Jalan Sultan Sulaiman

50000 Kuala Lumpur, Malaysia

Tel : (603) 2031 8160Fax : (603) 2031 8170

ANNUAL REPORT - Malaysian Takaful Association · Takaful Ikhlas Berhad IKHLAS Point, ... Object and...

Documents

Transcript of ANNUAL REPORT - Malaysian Takaful Association · Takaful Ikhlas Berhad IKHLAS Point, ... Object and...