KUALA LUMPUR: The local takaful industry has taken a big step forward in embracing value-based intermediation (VBI) agenda with the introduction of the VBI for Takaful (VBIT) framework on Wednesday.

       In a statement, the Malaysian Takaful Association (MTA) said the framework encourages industry players to realise the Shariah objectives or Maqasid Shariah.

       "It enables an in depth evaluation about the VBIT thrusts, namely Financial Resilience, Community Empowerment, Good Self-Governance, and Best Conduct. It also highlights how strategy and business practices driven by value can be embodied in the respective companies' corporate value intent, vision and mission.

       "Even though there are various concepts in implementing practices and initiatives based on value, four main focus points in the VBIT framework are Inclusive Stakeholder Engagement, Value-Driven Solutions, Impact-Based Assessments, and Constructive Collaborations," it said.

       In this context, the MTA said the industry planned to cooperate in announcing the development and effectiveness of the value-based initiatives to the public and related stakeholders.

       Its chairman Elmie Aman Najas said this framework is important in assisting the takaful industry to integrate the value-based principles seamlessly into their respective business.

       "This is in line with the aspiration to achieve inclusive protection for the underserved or unserved segments of the society and to address relevant socio-economic issues," he said. - Bernama