Finance Ministry: mySalam not a ‘get rich quick’ scheme

R. Loheswar


A screenshot of the MySalam health insurance website. The Finance Ministry said that the non-profit takaful scheme is offered by the government for eligible recipients from the low-income B40 group which will benefit approximately 3.8 million individuals.

KUALA LUMPUR, Aug 21 — The Finance Ministry today refuted any claims that the mySalam health protection scheme is for insurance companies to reap large profits.

In a statement, the ministry said that the non-profit takaful scheme is offered by the government for eligible recipients from the low-income B40 group which will benefit approximately 3.8 million individuals.

The statement was sent in response to an article in Sinar Harian on Monday whereby the writer had accused the scheme as being a “get rich quick scheme” that will benefit the insurance carrier, Singapore based Great Eastern Holdings.

The article by Angkatan Karyawan Nasionalis (Akar) president Ab Jalil Backer took shots at Finance Minister Lim Guan Eng’s credentials, calling his expertise into question and alleged that the government is guaranteeing a premium of up to RM2 billion divided into five years of RM400 million per year.

The ministry pointed out that MySalam is a syariah-compliant insurance scheme that only benefits the people and not the private sector.

“There is no profit element for any insurance companies through mySalam. Any remaining unclaimed premium paid to the takaful company and accrued interest from savings, will be fully reimbursed to the mySalam Trust Fund.

“The cynical allegations in an opinion article published by Sinar Harian are absolutely false,” the statement read.

“Such articles founded on false facts and sensational “click-bait” headlines are merely intended to dispel the benefits enjoyed by the rakyat through the scheme.

“The government is always concerned about the financial burden faced by the rakyat, particularly in times of unforeseen health emergencies,” the ministry said. 

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