Diversification of Islamic Financial Insturments
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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.
- Diversified distribution channels to widen outreach 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 family Takaful products by promoting
consumer choice and competition in the market
- 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.
 In Takaful industry more awareness should be done on the Takaful Annuity, Takaful
Benefit (Nomination) in the Context of IFSA 2013, GST On Tabarru, Compensation of
Late Payment Of Death Claim, Micro-Takaful and other related issues.
 Expand the scope of some business portfolio of some products such as Waqf, which
contribute significantly to the Islamic finance market
3.8.7 CONCLUSION
The above Islamic financial sector provides a snapshot on the overall Islamic financial industry
in Malaysia, which shows a diversification and comprehensiveness in the products and
services offered in the market support by a long terms vision, that widen the scope of the
Islamic finance market and enhance its function to operate within the international standards
and requirements that ultimately benefit the stakeholders and the shareholders of the industry
in Malaysia and the Ummah at large through cross border transactions and collaboration .