Ernst & Young L.L.P. has said that Malaysia has the potential to become a major takaful hub, reports The Malay Mail Online.
EY's global Islamic finance leader, Ashar Nazim, said local takaful operators have the ability to expand into the Association of Southeast Asian Nations region and globally. The country's takaful industry is expected to grow to $3 billion in 2014, Ernst & Young said. Datuk Rauf Rashid, managing partner of Ernst & Young Malaysia, said the region presents major takaful opportunities.