Takaful IKHLAS began carving its mark in the Takaful industry on 18 September 2002 through Takaful Ikhlas Sdn. Bhd. and its status was later converted to Berhad on 5 May 2014. Takaful IKHLAS is principally involved in the provision of Financial protection services, based on principles and rulings of Shariah. Takaful Ikhlas Berhad had on 30 November 2018 announced the conversion of its composite takaful license into two entities to manage its family and general takaful businesses separately. This conversion is in accordance with the legislative requirement under the Islamic Financial Services Act, 2013 (IFSA).

Takaful Ikhlas Berhad is renamed to Takaful Ikhlas Family Berhad (Takaful IKHLAS Family) and manages the family takaful business. Its general takaful business is being managed by a new entity, Takaful Ikhlas General Berhad (Takaful IKHLAS General). Takaful IKHLAS offers a comprehensive range of family and general takaful products. Its distribution channels comprise of highly knowledgeable and well-trained agents, brokers, financial institutions, motor franchise holders and cooperatives. Takaful IKHLAS has 13 branch offices and currently records around 2 million registered certificate (policy) holders and more than 5,000 agents. Both Takaful IKHLAS Family and Takaful IKHLAS General are wholly owned subsidiaries of MNRB Holdings Berhad.