04-08-2025
- Business
- New Straits Times
First cyber Takaful plan in Malaysia unveiled amid rising digital threats
KUALA LUMPUR: Bank Muamalat Malaysia Bhd, in collaboration with Syarikat Takaful Malaysia Am Bhd, has introduced what is said to be Malaysia's first cyber Takaful protection.
The launch comes amid heightened public concern over digital threats, including online fraud, identity theft and unauthorised transactions.
The initiative aims to offer Malaysians a foundational layer of protection tailored to today's online risks, within a Syariah-compliant framework.
Bank Muamalat president and chief executive officer Khairul Kamarudin said the bank is committed to realising the aspiration of Better Lives, Together.
"This initiative is part of our dedication to ensuring that our customers feel safe and confident every time they transact online.
"By integrating cyber protection into our offerings, we are not only shielding customers from threats but also strengthening trust and resilience in today's banking landscape," he said in a statement today.
Takaful Malaysia group chief executive officer Nor Azman Zainal said the unveiling of the first-of-its-kind protection plan marks a significant milestone in their strategic bancatakaful partnership with Bank Muamalat.
"It reflects our shared commitment to strengthening digital resilience and addressing the rapidly evolving landscape of cyber threats.
"We are setting a new benchmark for inclusive, forward-looking financial security. This initiative reinforces our leadership in driving innovation and trust across Malaysia's digital financial ecosystem," he added.
Under the partnership, Takaful Malaysia Am will manage the cyber protection plan via a bancatakaful arrangement with Bank Muamalat.
The plan, which is available from August at Bank Muamalat branches nationwide, offers 12 months of coverage to eligible and consenting new MSalary+ customers as part of the retail onboarding process.
It includes protection against risks often excluded from traditional coverage, such as counterfeit goods, confidence scams and unauthorised electronic fund transfers.
