Prudential Syariah Advocates Cross-border Collaboration to Harness Indonesia’s Rapid Takaful Growth

Indonesia’s takaful market is entering a new phase of growth, driven by rising financial literacy, which has surged from 9.14% in 2022 to 43.42% in 2025, and supported by one of the world’s largest Muslim populations of over 245 million. This momentum reflects stronger awareness and increasing demand for sharia-compliant financial protection.

Government commitment has been instrumental in enabling this progress.
The inclusion of the Sharia Economy in Asta Cita point no. 2 alongside the food, energy, digital, green, and blue economies signals that sharia is now recognized as a pillar of Indonesia’s national resilience and long-term growth. This is further reinforced by the government’s vision to strengthen sharia financial services and the broader halal ecosystem. The Sharia Economy Vision 2029, integrated within Visi Indonesia Emas 2045, outlines Indonesia’s ambition to become the world’s leading halal and sharia economy by 2029. This direction is implemented by other policies including the spin-off of takaful units to create stronger and more independent takaful insurers.

As Indonesia’s market leader in the private joint venture takaful life industry, PT Prudential Sharia Life Assurance (Prudential Syariah) stands at the forefront of this growth, recording IDR 3.4 trillion in contributions and has provided protection for close to half a million insured participants. Its portfolio of life and health protection reflects its commitment to broadening access through innovation, simple and affordable products, while supporting the national agenda to strengthen the Islamic finance ecosystem.

Leveraging its international network, Prudential Syariah acknowledged the strength of Malaysia’s takaful maturity combined with Indonesia’s rapid growth in takaful insurance will be a takaful superpower. This underscores the importance of cross-border partnerships to accelerate growth in takaful industry across ASEAN, particularly through knowledge sharing, partnerships, and talent mobility. The action opens-up opportunities for Malaysian businesses and other interested parties to engage with Indonesia’s growing takaful insurance market.

Iskandar Ezzahuddin, Chief Executive Officer of Prudential Syariah Indonesia, said: “Malaysia’s experience and maturity in takaful insurance, 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.”

Through partnerships with Bank Syariah Indonesia, the leading player in Indonesia’s sharia banking sector, and key Islamic organization such as Nahdlatul Ulama and Muhammadiyah, and a network of more than 80,000 sharia-trained agents, Prudential Syariah is committed to enhancing inclusion and deepening financial literacy. Looking ahead, the company also sees strong potential to collaborate with business partners from Malaysia, particularly in knowledge transfer, partnership, and talent mobility to further strengthen the regional sharia insurance ecosystem.

“We believe collaboration is key. We are always happy to welcome business partners from Malaysia who want to learn, exchange experiences, or share expertise with us. This spirit of collaboration will allow both markets to grow stronger together, and to build a more resilient and inclusive sharia industry across ASEAN,” he added.

For more information on Prudential Syariah please visit https://www.prudentialsyariah.co.id/id/. Queries related to potential collaboration can be sent to This email address is being protected from spambots. You need JavaScript enabled to view it..

* Exchange rate: 16,642 IDR per 1 USD (as of 8 Oct 2025)

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