The number of (re)takaful operators and windows in at least 45 countries globally is estimated at 306, says the "Islamic Financial Services Industry Stability Report 2019" released last week by Kuala Lumpur-based Islamic Financial Services Board (IFSB).
By region, South-East Asia has the largest number of takaful institutions (30%), followed by the GCC and MENA with 27% and 26%, respectively.
Given the significant presence of Muslim populations in these countries, takaful has significant opportunities
to provide sound financial protection that is in line with consumers' religious sensibilities. However, the success of takaful operators depends on establishing strong business profiles, as more established insurers are already benefiting from greater brand awareness and established distribution networks. Furthermore, additional support from Shariah scholars in promoting takaful products is essential for the growth of the takaful sector, says the report.
Middle East | 08 Aug 2019