The Takaful sector in Indonesia is expected to become more competitive in Indonesia as more players from other ASEAN countries are also planning to enter the market, says Indonesia’s vice president Mr. Ma’ruf Amin.
Mr. Ma’ruf was speaking at a virtual event marking the 18th Anniversary of the Indonesian Shariah Insurance Association (AASI) last week.
He added, “On the other hand, this is an opportunity for the national Shariah insurance industry to expand into the insurance market in the ASEAN region. For this reason, the local Shariah insurance industry must continue to prepare itself to be more competitive and more efficient so that it can compete domestically and lead the Shariah insurance market at the regional level.”
The vice president said, “Shariah insurance has the opportunity to play a bigger role in the halal value chain, both through halal products and the Islamic finance industry.”
The implementation of the AFAS agreement will help boost the competition among the Takaful industry players not only in Indonesia but also in other countries of the region.