The Malaysian Takaful industry achieved a historic milestone in 2024 as it disbursed RM10.2 billion in benefits to certificate holders.
The record payout, or an 16.73% increase from 2023, was driven by the industry’s Hijrah27 transformation agenda, while reflecting the Takaful’s growing impact in providing financial protection and social upliftment for Malaysians.
The Family Takaful segment led the charge, accounting for RM7.89 billion or over 77% of total benefits paid. Close to one million new certificates were issued in 2024, pushing the total in-force certificates to 6.69 million, as more Malaysians embraced the importance of financial security.
The industry’s consistent upward trajectory is reflected in a three-year average annual payout increase of RM1.54 billion, a nearly 400% jump compared to the 2019-2021 period. Business contributions also rose, with Family Takaful’s new business contribution hitting RM9.73 billion and in-force contributions reaching RM9.62 billion.
General Takaful also maintained its momentum, buoyed by record vehicle sales. Gross written contributions climbed 8.46% to RM5.91 billion, with motor takaful remaining dominant at nearly 69% of the segment.
Channel expansion and public engagement played key roles. The number of active Family Takaful agents rose to 92,866, while internet sales grew to 6.58%, driven by digital innovation under the Malaysian Takaful Association’s (MTA) Hijrah27 plan. Agent market shares also rose, and bancatakaful led new contributions at over 52%.
Crucially, the industry channelled RM31.19 million in zakat in the first half of 2024, underlining its commitment to ethical, value-based intermediation in line with Maqasid al-Shariah principles.
Overall, as awareness grows and takaful continues to modernise, Malaysia is well on track to becoming a regional model for inclusive, ethical, and resilient Islamic finance.
