Takaful and Insurance Policies Encouraged under Malaysia’s Budget 2021

The Malaysian Budget 2021 has included some initiatives to encourage an increased uptake of both Takaful and insurance in the country, as a means to facilitate more Malaysians to seek risk protection.

Muhammad Fikri Mohamad Rawi, Chairman of the Malaysia Takaful Association, stated that the financial assistance provided to the B-40 group to purchase Perlidungan Tenang products, with stamp duty exemption applicable until 2025, would support the low-income groups to get insurance and Takaful coverage.

Added to this, the proposed withdrawal from Account 2 of the Employees Provident Fund under the Budget 2021, would support the purchasing of family Takaful and other insurance products i...