Takaful Industry Takes Global Stage At GIFF 2025

KUALA LUMPUR, Oct 15 (Bernama) -- The Malaysian Takaful Association (MTA), as a supporting partner of the Global Islamic Finance Forum (GIFF) 2025, highlighted ASEAN’s progress and future direction in Takaful during the ASEAN Spotlight session, themed “Charting ASEAN’s Takaful Transformation - From Strength to Global Benchmark.”

The session, which brought together regulators, policymakers, industry leaders and global stakeholders, emphasised ASEAN’s role as both a fast-growing Takaful market and a thought leader in global Islamic finance.

MTA said the session reflected the region’s shared ambition to enhance collaboration, innovation and inclusivity in shaping the next phase of value-based financial protection.

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A key highlight was the launch of the ASEAN Takaful Alliance (ATA), creating a regional platform uniting Takaful operators across ASEAN.

“The ATA aims to foster cross-border collaboration, strengthen industry visibility and position ASEAN as a global benchmark for inclusive and impactful Takaful practices. It will also align with the ASEAN Financial Integration Framework, reinforcing Malaysia’s leadership in advancing Islamic finance within the region,” it said in a statement to Bernama.

Commenting on the alliance, MTA chief executive officer Mohd Radzuan Mohamed said it reflects the association's collective aspiration to strengthen regional unity and drive purpose-driven growth through collaboration and shared values.

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“Together, we are building an ecosystem that will not only uplift ASEAN but set a global benchmark for ethical and inclusive protection,” said Mohd Radzuan.

Another key announcement was the Malaysia–Türkiye Collaboration, a strategic partnership aimed at expanding knowledge exchange, Shariah-compliant product innovation and talent development between the two nations.

This partnership bridges ASEAN and OIC financial ecosystems, furthering both Malaysia and Türkiye’s leadership in advancing global Islamic finance linkages through innovation and shared values.

The session also witnessed the symbolic handover of the Value-Based Intermediation for Takaful (VBIT) Maqasid Shariah Scorecard (MSS) to the International Shariah Research Academy for Islamic Finance (ISRA).

Developed under MTA’s leadership, the MSS represents the industry’s first structured framework for measuring Shariah-based outcomes and social impact within Takaful operations.

“Embedding Maqasid Shariah measurement into Takaful is central to ensuring that our industry remains both ethically grounded and impact-driven. The collaboration with ISRA is a key step in institutionalising good governance and purposeful innovation,” added Mohd Radzuan.

Through these initiatives, MTA continues to drive the Hijrah 27 Transformation Plan, reinforcing Malaysia’s role in regional financial integration and promoting value-based, inclusive Takaful systems.

GIFF 2025 provided a platform for MTA and ASEAN partners to showcase how collaboration, innovation and Shariah-driven impact can position ASEAN as a global Takaful benchmark, reflecting the event’s message of “From Strength to Global Benchmark.”

-- BERNAMA