The deputy governor also reportedly said the central bank would allow insurance companies to provide training and flexible development for insurance agencies in order to assist new agents entering the industry.

Ibrahim was reported by The Borneo Post as saying: “Incentive packages are also being considered in order to encourage life insurance agents to upgrade their productivity, expertise and professionalism in a move to upgrade their service,” Muhammad added.

Takaful is a type of Islamic insurance where members contribute money into a pooling system in order to guarantee each other against loss or damage.

During 2009?2011, Malaysia’s life insurance segment, posted annual growth rates of 12.3%, 11.1% and 9.6% respectively, according to a report Life Insurance in Malaysia, Key Trends and Opportunities to 2016, which is available at the Insurance Intelligence Center.

The report explains that Malaysia’s life insurance segment is anticipated to register a compound annual growth rate (CAGR) of 9.8% to reach MYR29.9 billion (US$9.7billion) in 2016.