Takaful IKHLAS

What Takaful IKHLAS does

Takaful IKHLAS is a Malaysian Shariah-compliant takaful (Islamic insurance) operator founded in 2002 and headquartered in Kuala Lumpur, with two regulated operating entities — Takaful Ikhlas Family Berhad and Takaful Ikhlas General Berhad — both wholly-owned subsidiaries of MNRB Holdings Berhad, a company listed on Bursa Malaysia. The split-entity structure was implemented on 30 November 2018 to comply with the Islamic Financial Services Act 2013, separating family and general takaful business into distinct licensed entities.

The company offers a portfolio of family and general takaful products — including Motor, Travel, Home Solutions, Personal Accident, Protection, Savings, and Health plans for individuals, alongside SME-focused products such as IKHLAS Contractor All Risks, Healthcare Solutions, Niaga Takaful, and Fire Takaful. Its technology stack is a web-based digital platform layer comprising the GO Serve customer portal, the Agency Portal for agents, e-Claims, e-Covernote integration with JPJ, and an Electronic Claims Estimation System that delivers sub-24-hour motor claim approvals. The company also operates value-based initiatives including IKHLAS Waqf & Endowment (a complimentary benefit covering 2.43M+ certificates) and IKHLAS Barakah House, a Shariah-compliant community fundraising platform.

Takaful IKHLAS makes money through recurring participant contributions to family and general takaful pools, structured under Tabarru' (donation) and Wakalah (agency) contracts. It distributes through a multi-channel model of 13 branches, 5,000+ trained agents, brokers, motor franchise holders (including Tan Chong Motor), and bancatakaful partnerships with Bank Rakyat, CIMB Islamic, BSN, MBSB Bank, and Agro Bank. The company serves approximately 2.5M+ active customers and ~2M registered certificate holders, with a stated focus on middle to lower-income segments including rural markets.

Name

Takaful IKHLAS

Legal name

Takaful Ikhlas Family Berhad

Website

https://takaful-ikhlas.com.my

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Takaful IKHLAS is a Malaysian Shariah-compliant takaful operator providing family and general takaful products — motor, travel, home, health, protection, savings, and SME coverage — to 2.5M+ customers through 13 branches, 5,000+ agents, and bank partnerships.

Ownership category

akta.pro rank

Headquarters

HQ city

Selangor

HQ country

Malaysia

HQ region

Asia

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Family Takaful Contributions: Family protection products focusing on savings or investment-linked plans and mortgage protection plans. These are recurring contribution-based takaful plans providing financial protection.
2. General Takaful Contributions: General protection offerings covering properties such as vehicles, buildings and other assets. Premium contributions are collected from participants in the general takaful pool.
3. Agent Profit Commission: Agents earn profit commission based on business performance. The company offers digital support expenses and business support expenses to agents as part of the agent incentive structure.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

Takaful IKHLAS is a Malaysian Shariah-compliant takaful (Islamic insurance) operator that provides family and general takaful products including motor, travel, home solutions, personal accident, protection (savings/investment-linked, mortgage protection), health, and SME-focused plans (contractor all risks, healthcare solutions, commercial and fire takaful). The company operates through two entities — Takaful Ikhlas Family Berhad and Takaful Ikhlas General Berhad — both wholly-owned subsidiaries of MNRB Holdings Berhad, distributing products via branches, agents, bancatakaful partners, motor franchise holders, cooperatives, and digital self-service platforms. Value-based initiatives include the IKHLAS Waqf & Endowment (IWE) benefit and the IKHLAS Barakah House (IBH) community platform.

Product overview

Takaful IKHLAS offers a comprehensive range of family and general takaful products distributed through agents, brokers, financial institutions, motor franchise holders and cooperatives. The portfolio includes Motor, Travel, Home Solutions, Personal Accident, Protection, Savings, and Health products for individuals, alongside SME-focused products like IKHLAS Contractor All Risks, Healthcare Solutions, Niaga Takaful, and Fire Takaful. Value-based initiatives include IKHLAS Barakah House (shariah-compliant fundraising platform) and IKHLAS Waqf & Endowment (complimentary benefit providing waqf/endowment allocations and funeral expense coverage). The company operates through two entities: Takaful Ikhlas Family Berhad (family takaful) and Takaful Ikhlas General Berhad (general takaful), both wholly-owned subsidiaries of MNRB Holdings Berhad.

Differentiator

Problem solved

Functional benefit

Brands

• IKHLAS Waqf & Endowment (IWE): A complementary Waqf and endowment benefit provided to all individual participants of Takaful IKHLAS General Takaful products. Includes RM1,000 waqf/endowment allocation per certificate and RM500 funeral expenses benefit per participant.
• IKHLAS Barakah House (IBH)
• IKHLAS Value Term Takaful
• IKHLAS Impianku
• IKHLAS Perlindungan Tenang
• IKHLAS Contractor All Risks Takaful
• IKHLAS Healthcare Solutions
• IKHLAS Niaga Takaful
• IKHLAS Fire Takaful

Products and services

• Motor Takaful Protection for vehicles against accidents, fire damages, theft and other risks. Covers both private cars and motorcycles, for individual vehicle owners.
• Travel Takaful Coverage for individuals and families during domestic and international travel, providing protection during trips.
• Home Solutions Protection for residential properties and home contents against unfortunate events including fire, flood and theft.
• Personal Accident Takaful Financial protection for individuals and families against accidents resulting in injury, disability or death.
• Protection Plans Family takaful products focused on savings or investment-linked plans and mortgage protection plans for individuals and families.
• Savings Takaful Combined protection and savings plan that grows savings while providing takaful coverage for individuals and families.
• Health Takaful Protection against critical illness with plans ranging from basic to comprehensive healthcare coverage for individuals and families.
• IKHLAS Contractor All Risks Takaful Business insurance for contractors covering construction-related risks. Designed for small and medium enterprises in the contracting and construction sector.
• IKHLAS Healthcare Solutions Group medical takaful plans designed for small and medium enterprises to provide employee healthcare coverage.
• IKHLAS Niaga Takaful Business takaful products for SME operations, covering commercial risks for small and medium businesses.
• IKHLAS Fire Takaful Property protection against fire damage for businesses and commercial premises.
• IKHLAS Waqf & Endowment (IWE) Complimentary benefit for general takaful participants providing waqf and endowment allocations. Includes RM1,000 waqf/endowment allocation per certificate and RM500 funeral expense benefit per participant.
• IKHLAS Barakah House (IBH) Shariah-compliant fundraising platform building sustainable community in education, healthcare, economic empowerment, community development, and environmental preservation.
• IKHLAS Perlindungan Tenang Affordable protection plans for lower-income groups including rural markets, as part of social responsibility initiatives.

Quantifiable outcome

• 2,430,172 individual certificates were eligible for IKHLAS Waqf & Endowment (IWE) benefit as at March 2022
• +2 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

13 partnerships are on record, tiered minor and core.

• Majlis Agama Islam dan Kebajikan Melayu Perlis (MAIPk)minorStrategic or Co-development Partner · 2 July 2022Takaful Ikhlas signed a Memorandum of Understanding (MoU) with MAIPk on 2 July 2022 to establish a collaborative relationship in areas of mutual interest related to takaful services.
• Tan Chong MotorminorChannel Partner/ Reseller/ Distributor · 20 January 2022Takaful Ikhlas General entered a strategic partnership with Tan Chong Motor, a major motor franchise holder, to distribute motor takaful products through Tan Chong Motor's dealership network.
• Universiti Kebangsaan Malaysia (UKM)minorStrategic or Co-development Partner · 18 September 2021Takaful Ikhlas collaborated with Universiti Kebangsaan Malaysia (UKM) to provide clean water supply facilities as part of the company's community outreach initiatives.
• CIMB IslamicminorChannel Partner/ Reseller/ Distributor · 7 August 2017CIMB Islamic and Takaful IKHLAS entered a strategic partnership with a target of RM168 million and 11% year-on-year growth, distributing Islamic banking and takaful products through the CIMB network.
• Agro BankminorChannel Partner/ Reseller/ Distributor · 27 March 2017Takaful Ikhlas Berhad established a 5-year strategic collaboration with Agro Bank in March 2017 to distribute takaful products through Agro Bank's nationwide branch network serving the agricultural sector.
• Bank RakyatminorChannel Partner/ Reseller/ DistributorBank Rakyat offers Takaful IKHLAS products through its branch network as part of a strategic bancatakaful partnership, providing Shariah-compliant protection products to Bank Rakyat customers.
• MBSB BankminorChannel Partner/ Reseller/ DistributorTakaful Ikhlas and MBSB Bank entered a strategic partnership for the distribution of takaful products to MBSB Bank's customer base.
• BSN (Bank Simpanan Nasional)minorChannel Partner/ Reseller/ DistributorBSN and Takaful Ikhlas entered into a strategic partnership for the distribution of takaful products through BSN's branch network.
• Majlis Agama Islam Negeri Sembilan (MAINS)minorStrategic or Co-development PartnerTakaful Ikhlas signed an MoU with Majlis Agama Islam Negeri Sembilan for effective Waqf programs, with a focus on waqf initiatives over a five-year period.
• AndalusiaminorStrategic or Co-development PartnerTakaful Ikhlas and Andalusia established a strategic cooperation for the distribution of takaful products and services.
• Brainy BunchminorStrategic or Co-development PartnerTakaful Ikhlas collaborated with Brainy Bunch, an educational institution, to support educational and community initiatives.
• GHG / SenangminorStrategic or Co-development PartnerGHL Teams Up with Takaful Ikhlas and Insurtech Senang to aid SMEs and micro-entrepreneurs through technology-enabled takaful distribution.
• Malaysian RecoreTechnology or IntegrationMalaysian Re is part of the MNRB Group and provides reinsurance services to Takaful IKHLAS. Takaful Ikhlas General Berhad's headquarters is located at Bangunan Malaysian Re, Lorong Dungun, Damansara Heights.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Etiqa Family Takaful Berhad: Etiqa is the largest takaful operator in Malaysia, offering family and general takaful products through bank partners (Maybank, CIMB), agents, and digital channels. Directly comparable in product mix, distribution model, and target customer segments.
• Syarikat Takaful Malaysia Keluarga Berhad: Takaful Malaysia is one of the established family takaful operators in Malaysia with a broad agency and bancatakaful network. Comparable in offering family and education-linked takaful plans targeting Malaysian consumers.
• Takaful Malaysia General Berhad: Sister entity of Takaful Malaysia Keluarga, providing general takaful products (motor, fire, personal accident) to Malaysian consumers and SMEs. Direct competitor in the same motor/general takaful category as Takaful Ikhlas General Berhad.
• Prudential BSN Takaful Berhad: A bancatakaful operator distributing takaful products primarily through Bank Simpanan Nasional (BSN) branches. Directly competes with Takaful IKHLAS in bank-channel distribution of family takaful, especially for mass-market customers.
• Great Eastern Takaful Berhad: Great Eastern's takaful arm offers family takaful products distributed through its tied agency and bank partners. Overlaps with Takaful IKHLAS in family takaful and investment-linked takaful plans.
• Zurich Takaful Malaysia Berhad: Zurich's Malaysian takaful entity offers family and general takaful products, distributed through agents, brokers, and digital channels. Direct competitor in motor, home, and family takaful categories.
• Hong Leong MSIG Takaful Berhad: Hong Leong MSIG Takaful distributes family and general takaful products via Hong Leong Bank's branch network and agents. Directly competes in bancatakaful and family takaful segments.
• Etiqa General Takaful Berhad: Etiqa's general takaful entity offers motor, fire, home, and personal accident takaful products across Malaysia. Direct competitor to Takaful Ikhlas General Berhad in general takaful categories.

Emerging players

• FWD Takaful Berhad: FWD Takaful is a newer digital-first takaful operator in Malaysia focused on simplified, app-driven family and medical takaful. Represents an emerging digital competitor to Takaful IKHLAS in the consumer family takaful segment.

Others

• Malaysian Reinsurance Berhad: Sister company within the MNRB Group providing reinsurance capacity to Takaful IKHLAS and other Malaysian insurers. Related-party reinsurer rather than a direct competitor, but provides ecosystem context and capital support.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCGV2X6hmR1j37mA5QXf0zXw
• Facebookfacebook.com/TakafulIkhlas
• LinkedInlinkedin.com/company/takaful-ikhlas-/?originalSubdomain=my

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Takaful IKHLAS