Malaysian central bank aims to boost use of Islamic insurance

Ibrahim tells takaful providers to leave their “comfort zone”

Malaysia will launch revised Islamic insurance operational framework consultation before mid year

Malaysia’s central bank of governor says it aims to boost the use of takaful, commonly referred to as Islamic insurance, by two-thirds over the next two years.

Bank Negara Malaysia will revise takaful’s legal framework to “bring greater clarity on the use of multiple sharia standards,” Bank Negara Malaysia governor Muhammad Ibrahim said in a speech in Kuala Lumpur on March 23.

Takaful is a co-operative system of reimbursement in the event of loss, which is deemed to be compliant with sharia

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account