Prudential Syariah Indonesia seeks to grow ASEAN market with Malaysia partnership

Prudential Syariah Indonesia is looking to collaborate with Malaysian takaful companies by advocating cross-border partnerships that will accelerate the growth of the takaful industry across ASEAN.

In a statement, the company said the collaboration particularly through knowledge sharing, partnership and talent mobility will open up opportunities for Malaysian business and other interested parties to engage with Indonesia’s growing takaful market, further strengthening the regional sharia insurance ecosystem.

Its Chief Executive Officer (CEO), Iskandar Ezzahudin reckoned that Malaysia’s experience and maturity in the sector combined with Indonesia’s scale and demographic bonus, are complementary strengths.

“Working together, we can widen takaful insurance protection access for families and become a global leader in the takaful industry within ASEAN,” he said.

For the record, Indonesia’s takaful market witnessed tremendous growth with a surge of 9.14 percent in 2022 to 43.42 percent in 2025 due to rising financial literacy among its Muslim population, now totalling 245 million people— the largest in the world.

CEO of Prudential Syariah Indonesia, Iskandar Ezzahudin.

At the forefront of this growth, Prudential Syariah Indonesia with an IDR record of 3.4 trillion in contributions, has provided protection to nearly half a million insured participants, making it Indonesia's market leader in the private joint venture takaful life industry.

This momentum reflects stronger awareness and increasing demand for sharia-compliant financial protection.

Currently, the company is working with Bank Syariah Indonesia— the leading player in Indonesia’s sharia banking sector— and key islamic organizations such as Nahdhatul Ulama and Muhammadiyah as well as more than 80,000 sharia-trained agents to enhance inclusion and deepen financial literacy.

Iskandar emphasised that collaboration is key to growing and strengthening both markets as well as building a more resilient and inclusive sharia industry across ASEAN. 

“We are always happy to welcome business partners from Malaysia who want to learn, exchange experiences, or share expertise with us,” he said.

Asta Cita is the mission established by the 8th President of the Republic of Indonesia, Prabowo Subianto, to serve as the foundation for building a stronger, more just, and prosperous nation. (photo credit: ARMA Law)

Prudential Syariah Indonesia is committed to broaden access through innovation, simple and affordable products while supporting the national agenda of strengthening the Islamic finance ecosystem, as reflected by its portfolio of life and health protection. 

At the same time, the Indonesian government has also been instrumental in enabling this progress by including Shariah Economy in Asta Cita point no. 2 alongside food, energy, digital, green and blue economies, recognizing it as a pillar to national resilience and long-term growth.

The addition follows the government’s vision to reinforce sharia financial services and broader halal ecosystem.

By 2029, the country aims to become the world’s leading halal and sharia economy as stated in the Sharia Economy Vision 2029, integrated within Visi Indonesia Emas 2045.

This direction is implemented by other policies including the spin-off of takaful units to create stronger and more independent takaful insurers.