As of 2025, Malaysia’s Takaful penetration rate remains at approximately 20%, with an estimated 90% of the population considered underinsured.
This pressing concern was highlighted during the Kulliyyah of Economics and Management Sciences (KENMS) Professional Lecture, which aimed to address underlying issues in the Takaful industry. The session also saw participation from Universiti Kuala Lumpur (UniKL) lecturers and students.
The lecture was delivered by Professor Datin Dr. Nurdianawati Irwani Abdullah, who pointed out that the issue of underinsurance extends to small and medium enterprises (SMEs), with over 85% of industry players reportedly lacking adequate coverage.
To address Malaysia’s widening protection gap, she noted that Bank Negara Malaysia (BNM) has recently introduced the Policy Document on the Licensing and Regulatory Framework for Digital Insurance and Takaful Operators (DITOs).
In her presentation, Professor Datin Dr. Nurdianawati advocated for the realisation of the “1 Malaysian, 1 Takaful” vision, calling for early Takaful subscription to begin from childhood.
“This dream is no longer out of reach—it is a social necessity,” she emphasised during her lecture titled “1 Malaysian, 1 Takaful Dream: Too Far to Reach?” held on 1 August at the International Islamic University Malaysia (IIUM).
The event was graced by IIUM’s Constitutional Head, Her Royal Highness Tengku Ampuan Pahang Tunku Azizah Aminah Maimunah Iskandariah binti Almarhum Sultan Iskandar Al-Haj.
Her Royal Highness also officiated the launch of Professor Datin Dr. Nurdianawati’s latest book, From Shariah to Statute: Legal and Regulatory Framework of Islamic Finance in Malaysia.
Also in attendance were the Chairman of Majlis Amanah Rakyat (MARA), Dato’ Dr. Asyraf Wajdi Dato’ Dusuki, and the President/Chief Executive Officer of UniKL, Professor Ir. Dr. Azman Senin.
