76
TABLE 9: P ERFORMANCE OF F AMILY T AKAFUL BUSINESS OF MALAYSIA
Family Takaful Business Amount
Growth Rate (%)
2017 2018
Total New Business Contributions (MYR billion) 4.91 10.0 13.1
New Business Single Contributions (MYR billion) 3.64 9.9 16.6
New Business Annual Contributions (MYR billion) 1.27 10.2 4.1
New Certificate Issues (Units) 699,534 2.3 4.6
Business in Force (MYR billion) 4.86 11.9 11.8
Source: MTA (2018)
Furthermore, General Takaful was introduced in Malaysia with particular reference to the fire
Takaful and motor Takaful. Fro we find that the total business gross contributions
increased fromMYR 2.56 billion to MYR 2.79 billion in the year 2018, an increase from 6.4 % to
8.9% during the period. For motor Takaful, the gross contributions have increased from MYR
1.52 billion to MYR 1.74 billion showing a significant growth from 4.1% to 14.6%. Lastly, fire
Takaful contributed only MYR 0.56 billion in 2018 compared to MYR 0.55 billion in 2017.
TABLE 10: P ERFORMANCE OF GENERAL T AKAFUL BUSINESS OF MALAYSIA
General Takaful Business
Amount
(MYR billion)
Growth Rate
2017 2018
Total Business Gross Contributions 2.79 6.4% 8.9%
Motor Takaful Gross Contributions 1.74 4.1% 14.6%
Fire Takaful Gross Contributions 0.56 9.1% 1.8%
Source: MTA (2018)
14,6
61,2
4,3
19,9
New Business Single Contributions (%)
Agents Bancassurance Brokers Others
32,6
49,3
3,2
14,9
New Business Total Contribution (%)
Agents Bancassurance Brokers Others