75
Furthermore, as of May 2019, there are 15 TOs in Malaysia licensed under BNM (se .
Malaysia’s growth rate in this sector has been increasing since 1984. Over the past 40 years, the
number of TOs has climbed from two operators back in 2003 to fifteen operators, reflecting the
growing popularity of Takaful sector and its increasing importance to the development of
Islamic finance.
TABLE 8: L IST OF TAKAFUL AND RE-TAKAFUL OPERATORS IN MALAYSIA
No. Name of the Takaful Operator Name of the Re-Takaful Operator
1 AIA Public Takaful Bhd ACR Re-Takaful Berhad
2 AmMetlife Takaful Bhd Malaysian Reinsurance Bhd
3 Etiqa Family Takaful Bhd Munich Re Re-Takaful
4 Etiqa General Takaful Bhd Swiss Reinsurance com
5 FWD Takaful Berhad
6 Great Eastern Takaful Bhd
7 Hong Leong MSIG Takaful Bhd
8 Prudential BSN Takaful Bhd Local
9 Sun Life Malaysia Takaful Bhd Local
10 Syarikat Takaful Malaysia AM Bhd Local
11 Syarikat Takaful Malaysia Keluarga Bhd Local
12 Takaful Ikhlas Family Bhd Local
13 Takaful Ikhlas General Bhd Local
14 Zurich General Takaful Malaysia Bhd Foreign
15 Zurich Takaful Malaysia Bhd Foreign
Source: BNM (2019)
Family Takaful business has shown a double-digit growth (see Table 9). The total new business
contributions increased from MYR 4.35 billion in 2017 to MYR 4.91 billion in 2018. For new
business single contributions, Family Takaful products contributed from MYR 3.12 billion to
MYR 3.64 billion. Meanwhile the new business annual contributions in 2017 have increased
fromMYR 1.22 billion toMYR 1.27 billion in 2018. The demand for Family Takaful has increased
rapidly over the years (MTA, 2018).