Is BJAK regulated by Bank Negara Malaysia?

BJAK operates under Malaysia's Financial Services Act 2013 and Islamic Financial Services Act 2013 for the activities covered by its approvals. This means BJAK must meet requirements relating to professional conduct, financial resources, customer treatment, disclosure and ongoing oversight.

The approval does not mean Bank Negara Malaysia recommends a particular insurance or takaful product. It means BJAK is recognised and supervised as an approved financial adviser for the services it provides.

When you compare or buy insurance or takaful through BJAK, you are dealing with an approved financial adviser rather than an unregulated comparison website. BJAK is expected to provide clear information, handle customer transactions properly and maintain suitable internal controls.

The policy itself is still issued by the insurer or takaful operator you select. The insurer or takaful operator remains responsible for the policy terms, coverage and approval of the individual application.

BJAK maintains internal processes across compliance, finance, operations, technology, data protection and customer support. These areas are overseen by management and reviewed as regulations, risks and operating processes change.

You can check Bjak Sdn. Bhd. on Bank Negara Malaysia's public list of Approved Financial Advisers. You can also review BJAK's listings with FMOS and AFA Malaysia through their official websites.

Being regulated does not mean every order is approved instantly. An order may still need checks by the insurer, takaful operator, payment provider, JPJ, PDRM or BJAK's operations team.