HISTORY OF MITBA
In the early 60s, there were very few brokers and those already trading were mainly foreign based brokers. These brokers decided to set up the Council of Insurance Brokers (CIB) as a platform to promote the broking business.
By the 70s, the number of insurance brokers expanded significantly and as a result, they decided to form an Association. On 3rd Decmber 1974, The Insurance Brokers Association of Malaysia or its acronym IBAM was founded under the Registration of Society Act. The initial objective was to provide a mean to discuss members’ problem of common interest and negotiate with other Insurance associations, regulators bodies and authorities.
To reflect the inclusion of the Takaful Brokers as members of the association, on 1st August 2006, IBAM was renamed The Malaysian Insurance and Takaful Brokers Association or MITBA.
Current membership comprises of 38 bodies & takaful of which 29 are composite and 5 conventional.
Today, it is the largest and only Insurance and Takaful broker organisation in the Malaysia, and has established itself as the industry’s most powerful and authoritative voice.