obtains the inaugural Takaful Broker Licence
Insurance Brokers Sdn. Bhd. (Anika) was issued the inaugural
Takaful Broker License from Bank Negara Malaysia (BNM) since
1 November 2005.
initiative to license takaful brokers and adjusters was announced
by BNM was to serve as a measure to further strengthen
the institutional infrastructure of the takaful industry and
accelerate the expansion of takaful business in the country.
With this new licensing measure, the level of professionalism
and competence of the takaful intermediaries would be elevated.
move was also initiated to be in line with the objectives of the
Malaysian Financial Sector Masterplan to create an efficient, progressive
and comprehensive Islamic financial system and reinforce takaful
as one of the key components of the Malaysian financial system.
licensing calls for very specific and stringent requirements
on the brokers’ part. In order to qualify, BNM stipulates
that insurance brokers must transact at least RM1 million
takaful contributions in the previous calendar year or have
combined takaful and insurance contributions of at least RM30
million, of which takaful contributions accounts for more
than RM0.5 million of the combined amount. In addition, the
insurance broker must have a minimum paid-up share capital
unimpaired by losses of RM0.6 million and professional indemnity
cover of at least RM1 million net of deductible. There are
also other stringent operational criteria that a broker must
comply with before they are even allowed to apply.
this new license, Anika now stands out and further segregates
itself from the rest as a serious and financially strong player
in the local insurance broking industry.
takaful broking licence certificate issued by BNM can be viewed