Career in Takaful Insurance Malaysia

What is Takaful Insurance?

Takaful insurance, also known as Islamic insurance, is an insurance system based on the principles of Islamic law. In takaful insurance, customers deposit a mutual fund that is then used to pay out claims. The funds are managed by a takaful operator who ensures that the funds are invested in activities that comply with Islamic law. The customers share the cost of the claims in the mutual fund, and the operator is responsible for managing the fund. This system is different from conventional insurance, which is based on the principles of risk sharing and profit sharing.

Career Opportunities in Takaful Insurance

The range of career opportunities in takaful insurance is vast. There are roles in customer service, operations, finance, marketing, product development, risk management, law and compliance, and IT. Takaful operators need to employ a wide range of professionals with different specialties and experience. The industry is growing rapidly and there are many opportunities for those with the right qualifications and experience.

Qualifications Required

To work in takaful insurance, you will need to have a minimum of a bachelor's degree in a relevant field. You will also need to have a good understanding of Islamic law and how it applies to insurance. A good understanding of financial markets and products is also desirable. In addition to these academic qualifications, you will need to have excellent communication and interpersonal skills. Experience in customer service and/or insurance is an advantage.

What to Expect

Working in takaful insurance can be a rewarding and exciting career. You will be part of a dynamic and fast-paced industry, and you will be in a position to help people protect their assets and plan for their future. You will need to be able to work well in a team and be able to think outside the box. You will also need to be a good communicator and have excellent customer service skills. As the industry is growing, there are many opportunities for career progression.

Salary Expectations

Salaries in the takaful insurance industry are competitive. Starting salaries can range from RM3,000 to RM10,000 depending on your qualifications, experience and the role you are applying for. Senior roles can pay up to RM20,000 per month. There are also bonuses and other incentives available, depending on the role and the company.

Conclusion

Takaful insurance is an exciting and rapidly growing industry in Malaysia. There are many career opportunities available for those with the right qualifications and experience. The salary expectations are competitive, and there are many opportunities for career progression. If you are interested in a career in takaful insurance, then you should research the various roles available and start applying for positions.