Malaysia is witnessing a commendable takaful growth as the segment continues to outpace the conventional insurance and it is expected to “continue its healthy growth momentum and remain poised to further strengthen its position as the leading takaful market in Asean”. Legal and regulatory framework of takaful operation in Malaysia is molded by Bank Negara Malaysia (BNM) as the takaful regulator.
This is similar to insurance industry where BNM serves as the insurance regulator and consistent with the dual financial system applicable, namely conventional financial system and Islamic financial system. BNM derives its legitimacy and power by virtue of Central Bank of Malaysia Act 2009.
With regard to the takaful regulation, Islamic Financial Services Act 2013 empowers BNM to monitor the statutory duties for the Board of Directors, Shariah committee and the management of takaful operators to ensure that the takaful industry achieves Shariah compliant status in totality.
Dr Mohamed Hadi Abd Hamid is currently the Head of Shariah Research and Advisory, overseeing both Etiqa Family Takaful Berhad (EFTB) and Etiqa General Takaful Berhad (EGTB). Dr. Mohamed Hadi received his LLB (Hons), LLB (Shari‘ah) (Hons), Master of Comparative Laws and PhD in Law from International Islamic University Malaysia (IIUM). His thesis focused on Shariah governance in takaful operation.
He was called to the Bar in 2010 as an Advocate & Solicitor in the High Court of Malaya. He spent a short stint as a law lecturer at Ahmad Ibrahim Kulliyyah of Laws, IIUM between 2010 till 2011.
Thereafter, he embarked his career in takaful industry in Shariah Division of Etiqa Takaful Berhad (ETB). Throughout his career in Etiqa, he held various Shariah related position such as Head, Shariah Review Management, Head, Shariah Research and Advisory and Secretary, Shariah Committee of EFTB and EGTB.
He was instrumental in ensuring adherence to Shariah governance in the conversion and splitting exercise of ETB to EFTB and EGTB, pursuant to the statutory requirements of Islamic Financial Services Act 2013.
At the industry level, he is currently the Exco member of Association of Shariah Advisors for Islamic Finance Malaysia (ASAS) and Member, Shariah Advisory Subcommittee, Malaysia Takaful Association (MTA).
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Pahang Bar Committee
B-64, Tingkat 1-A, Lorong Tun Ismail 6, Peti Surat 227