KUALA LUMPUR, Nov 5 (Bernama) -- The takaful industry should take meaningful and effective steps to ensure that the country's position as a leading global takaful provider remains intact, said Minister of Finance II, Datuk Seri Ahmad Husni Mohamad Hanadzlah.
"The global takaful landscape will change at an accelerated rate in the next five years and the growth potentials are too irrestitable for any player to ignore," he said at the Malaysian Takaful Association Dinner & Awards Nite 2009 here Thursday.
He said Malaysia has seen a compound annual growth rate of 39 per cent between 2005 and 2007.
"It is estimated that global gross takaful contributions will touch US$8 billion by 2012," he said.
Ahmad Husni said the current financial crisis has brought forth concerns to financial institutions across the globe, including the takaful operators.
"However, the Islamic financial system has proven to be resilient and immune to the cancerous malignant credit products that were the root cause of the current credit crisis," he said.