Malaysia First Agro Insurance

The Ministry of Agriculture and Food Security, in collaboration with Agrobank, has introduced the Agrofood Takaful Protection Scheme: Paddy Crop Takaful Scheme (STTP), marking Malaysia's first Shariah-compliant insurance for paddy farmers.

The initiative was first announced by Prime Minister Datuk Seri Anwar Ibrahim under the 2024 Budget, with an initial allocation of RM50 million to support farmers. The scheme is open to all registered individual farmers across Malaysia, with registration made easier by allowing the farmers to collect the takaful form at their nearest Area Farmers' Organisation office.

Agrobank said the initiative highlights the government's commitment to assisting farmers in mitigating natural disasters and reinforcing the nation's food supply chain through programmes introduced by the ministry and the bank.