Page 65 - Bank Muamalat_AR24

ANNUAL REPORT 2024 1 2 3 4 Our Business Performance 5 6 7 8 63

Wealth Protection

General & Family Takaful General & Family Takaful Sales
(RM Million)
• RID remains committed to providing comprehensive
Family & General Takaful protection, ensuring financial 233.6 243.5
security for customers. 250 223.5 233.0

• General Takaful experienced exceptional growth, 200
with sales surging to RM19.5 million, a 97% increase 150
from RM9.9 million in FY2023. This significant rise
reflects heightened demand for comprehensive takaful 100
coverage solutions.
50 9.9 19.5
• Family Takaful, however, saw a moderate decline, -
recording RM223.5 million in sales, a 4.3% decrease FY2023 FY2024
from RM233.6 million in the previous year. The slight
dip was influenced by market trends and evolving g General g Family g Total
customer preferences.
• While Family Takaful saw a slight dip, the exceptional 97% growth in General Takaful highlights the increasing demand
for broader and more inclusive financial protection solutions. This upward trend reflects customers’ growing awareness
of the need for comprehensive risk coverage and financial security

Wealth Distribution

Daily Banking Products Daily Banking Sales
(RM Million)
• Islamic Estate Planning and Daily Banking Products experienced significant 2.5
growth, indicating a rising awareness of wealth distribution and legacy planning. 2.5
• Total Daily Banking Sales surged from RM1.8 million in FY2023 to RM2.5 million 2.0 1.8
in FY2024, marking a 34% increase. 1.5
• This remarkable growth trajectory underscores RID’s ability to deliver 1.0
cutting-edge, value-driven financial solutions, reinforcing its commitment to
financial empowerment, wealth preservation, and long-term legacy planning 0.5
for customers. -
FY2023 FY2024