Opening Address by Encik Sabaruddin Ismail, Director, Labuan Offshore Financial Services Authority

Introduction Course on Takaful Labuan IOFC

3 October 2001

 

Bismillahirrahmannirrahim
 
Mr. Chairman
 
Speakers
 
Ladies and Gentlemen,
 
Assalamualaikum Warahmatullahi Wabarakatuh and a very good morning.
 
I am most honoured to be here this morning to officiate the Introduction Course on Takaful. To most of us, the word Takaful is easily understood – but to some of us – the word is still a mystery. Hence, this course is designed to provide the basic knowledge on Takaful as part of our efforts to promote Labuan as an offshore Islamic financial center. With the line-up of experienced speakers, I hope you will be able to reap maximum benefits from this two-day course. On behalf of LOFSA, I am delighted to see the encouraging respond for this course. I hope you all will demonstrate a similar, if not better response when we conduct other future courses in the near future. To our speakers, I would like to thank all of you for coming all the way to Labuan to be with us this morning and share your knowledge and experience in Takaful. I'm confident of your capability and certainly our participants would go back with newly acquired knowledge particularly on takaful.
 
Ladies and Gentlemen,
 
2. Let me share with you the latest statistics on the Takaful industry in Malaysia. As at June 2001, total assets of the takaful industry amounted to RM2.8 billion or 4.7% of total insurance industry's asset compared with only 3.5% as at December 2000. In terms of premium, takaful industry collected RM1.1 billion or 10.6% compared with 5.1% as at December 2000. In the global market, Malaysian Takaful business constitutes 34% of the total USD550 million in premium. With the expected increase in the number of Takaful operators in the coming years, the domestic Takaful industry is expected to be even more competitive, hence will contribute towards higher efficiency and continued growth of the industry.
 
3. In order to increase awareness among public at large towards takaful products, a promotion on Islamic Banking and Takaful would be held from 26 October to 2 November throughout the country. The nation-wide event is organised by Bank Negara Malaysia. LOFSA will also play its roles by organising and participating in events that will be conducted in Labuan. Offshore players especially AOB, LIIA and ALTC are expected to give their full support and assistance for the programmes that will be announced later, InsyaAllah.
 
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