Malaysian insurtech firm PolicyStreet has gained approval from the Labuan Financial Services Authority to commence its takaful and retakaful operations, addressing the increasing demand for Shariah-compliant insurance products.

This development comes amid strong growth in the country’s takaful industry, and aligns with Bank Negara Malaysia’s goal of pushing the insurance and takaful penetration rate to between 4.8% and 5% by 2026.