Malaysia's takaful industry is doing much better than the Middle East takaful market

A.M. Best, the insurance rating and information source, has created an A.M.BestTV episode on Malaysia's takaful industry. In the episode, which can be viewed online, A.M. Best Senior Financial Analyst Salman Siddiqui explains how regulation has helped to boost growth in Malaysia's takaful industry. 

This issue is fully explored in a Best Special Report, The Dynamics of Takaful Markets Of the Middle East and Malaysia: Similar Models, Different Approaches, Contrasting Fortunes.

“When I exclude the Saudi corporative insurance market, I'd say that the Malaysian takaful industry has been more successful in getting a strong foothold in this local insurance market,” said Siddiqui. “Looking at takaful penetration, which is a ratio of takaful contributions as a percentage of total gross written premiums in that market, the ratio for Malaysia is much higher, at about 15%, compared with an average of 8% for the entire Middle East. It is evidence of the strong level of traction that takaful has had in the Malaysian market. Malaysia’s success is all the more impressive when you consider that only 60% of Malaysia’s population is Muslim, compared with an average of 92% in the Middle East.”

Siddiqui said regulation has had a large role in Malaysia’s strong takaful traction. “Regulation is one of the key factors here. Regulations are a very important factor in the development of any industry, as it allows market participants, investors, consumers and insurers, to actively partake in the development of that industry.”

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Vietnamese interest in deep ocean minerals, says PDOB

Pacific Deep Ocean Biotech Company (PDOB)  is determined to make its Enriched Deep Ocean Minerals (DOM) a household name in Asian nutrition. The company has already launched DOM in Taiwan, mainland China, Japan, and Australia, and introduced DOM to Vietnam at the Food ingredients Vietnam trade show. The rollout will continue with Hong Kong, Thailand, Indonesia and India in the next six months.

Said Harry Chai, Global Business Development Manager, PDOB: "Vietnamese companies embraced our standardised, enriched Deep Ocean Mineral ingredients with unprecedented enthusiasm. The rapidly expanding Vietnamese nutrition and supplement industry saw immediate application for our DOM products in the sports performance and cholesterol control segments. One beverage manufacturer saw the value of DOM's 'natural' claim and wanted to use it in their natural sports and energy drink formulations."

PDOB supplies standardised and customised deep ocean mineral compounds from the deep ocean waters located at the east coast of Taiwan for the beverage and nutritional supplement industry. The mineral solutions are certified halal. The main applications for beverages are associated with fatigue relief and accelerated recovery after physical challenges. 

Malaysia's Halal Outreach Program to touch down in Sarawak

The Halal Industry Development Corporation (HDC), the government agency responsible for the overall development of the halal industry in Malaysia, is launching the Halal Outreach Programme (HOPE) in Sarawak, Malaysia together with the Ministry of International Trade and Industry (MITI) on 18 August.

Source: Halal Outreach Programme Sarawak website.

The two-day outreach includes halal training programmes, mentoring and business matching activities, panels, briefings by government agencies, and an industry clinic. According to the HOPE microsite, the programme aims to raise awareness and increase participation among halal local entrepreneurs in the halal industry. 

Participants will gain knowledge on marketing halal products and services internationally, while entrepreneurs will be exposed to business opportunities and receive tips on how to market their products. Entrepreneurs who have been successful in their respective fields will be sharing their experiences with event participants.