Current Achievements of Takaful by Dr. S. J Malaikah

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takaful 91 insurance 40 asian 32 conference 32 intercontinentai 32 march 32 singapore 32 islamic 17 retakaful 13 muslim 8 products 8 countries 7 financial 7 institutions 7 international 7 markets 6 operators 6 role 6 asia 5 business 5 growth 5 malaysia 5 movement 5 shariah 5 solutions 5

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malaikah chairman a best re asian conference on takaful insurance intercontinentai singapore march
the world of takaful current achievements future outlook by doctor s

introduction takaful is the brand name for the islamic alternative to conventional insurance
asian conference on takaful insurance intercontinentai singapore march

i the role of the shariah board is vital in meeting the specific demand of a public who would not insure otherwise
shariah compliance i shariah compliance is an essential element in takaful insurance

takaful pioneers i takaful started some years ago in the middle east with the launching of two companies a the islamic arab insurance co
of sudan i but it took some time for the movement to take shape

i this was instrumental in the successful launching of the takaful movement in malaysia and in other countries of south east asia
takaful pioneers i later in malaysia played a pioneering role in setting the first legal framework specific to takaful takaful act

i in the gulf countries specific takaful legislations are coming through in bahrain and in saudi arabia asian conference on takaful insurance intercontinentai singapore march
other islamic takaful legislations i other markets such as the sudan and iran have islamic regulatory environments and became naturally takaful markets

takaful today i from a handful of operators two decades ago the takaful movement has blossomed into a fast growing phenomenon in many muslim countries with very promising prospects in other countries with a large muslim community
asian conference on takaful insurance intercontinentai singapore march

takaful drivers i this movement is driven by a a strong demand from a public who would not insure otherwise because of religious beliefs and a the successful development of islamic banking institutions providing capital and islamic financial instruments for asset management and investment
asian conference on takaful insurance intercontinentai singapore march

takaful drivers i islamic banks and financial institutions play a strategic and important role in the distribution of takaful products especially life takaful products
i just as bancassurance played an important role in the distribution of personal lines insurance products bancatakaful is an important driver for takaful

takaful operators i the number of takaful operators worldwide is now estimated at i takaful companies i retakaful companies i this number may reach if socalled takaful windows are to be included
asian conference on takaful insurance intercontinentai singapore march

on average i world takaful contributions are conservatively estimated at around us billions of which a general takaful a family takaful asian conference on takaful insurance intercontinentai singapore march
takaful premium i takaful is one of the fastest growing segments in insurance at around pa

general vs family takaful i in the far east region family takaful was and still is the driver of the segment in terms of contributions and growth i whereas general takaful leads the way in the middle east markets
i this trend is slowly changing with the advent of new highly capitalised takaful players in the gcc determined to develop family takaful products

corporate accounts i current takaful portfolios are in most cases geared towards personal lines with the largest percentage derived from motor business
i diversification towards corporate accounts is a big challenge ahead asian conference on takaful insurance intercontinentai singapore march

the challenges ahead i despite a remarkable breakthrough and a dynamic and sustained growth there are challenges facing the takaful industry
asian conference on takaful insurance intercontinentai singapore march

i there is a high need for retakaful solutions asian conference on takaful insurance intercontinentai singapore march
retakaful solutions i takaful operators are heavily reliant on reinsurance

retakaful solutions i there are currently retakaful operators in the market providing services to primary takafuls a asean retakaful international l ltd
malaysia a best re tunisia a takaful re u

retakaful solutions i need to create a mechanism for an active role of retakaful in the islamic financial system i need to promote a strong retakaful operator capable of playing a leading role in providing first class security capacity and value added services
asian conference on takaful insurance intercontinentai singapore march

retakaful solutions i the idea of an international retakaful syndicate consortium was launched recently in langkawi malaysia at the nd international symposium on takaful
i need to promote a retakaful hub capable of hosting the maximum number of retakaful offers

future outlook i despite the remarkable growth rate recorded by the takaful industry penetration is still far below the enormous market potential offered by the muslim community worldwide of the total world population
asian conference on takaful insurance intercontinentai singapore march

i a two digit growth in the range of to can be reasonably sustained for at least the next years in the existing markets far and middle east
billions of which around are based in asia and africa

new takaful frontiers i markets like europe north and latin america central asia australia where large muslim communities live are huge untapped reservoirs i the recent opening towards islamic windows in the banking sector in europe is likely to be followed by takaful windows initiatives
asian conference on takaful insurance intercontinentai singapore march

takaful at lloyd s i the recent opening at lloyd s of a takaful dedicated syndicate creechurch is a clear indication that the segment is promising
asian conference on takaful insurance intercontinentai singapore march

takaful cooperatives mutuals i international institutions such as the ukbased international co operative and mutual insurance federation icmif recognised the takaful movement as part of the global cooperative mutualistic paradigm
i icmif is firmly committed to supporting the development of takaful schemes in muslim and non muslim countries

takaful cooperatives mutuals i folksam an icmif member is actively building affinity with the muslim community in sweden by offering takaful schemes and products
i in france some mutuals are showing interest in takaful products

takaful products to non muslims i takaful products are not exclusive to musli miss i competitively priced and sold through the right channel it could attract any consumer irrespective of their origin or faith
asian conference on takaful insurance intercontinentai singapore march

conclusions i despite the challenges facing this new industry exciting times are ahead once the latent potential is unleashed
i the success of takaful largely depends on that of islamic financial institutions on a global basis

conclusions i there is a need for a more strategic alliances and synergy between islamic financial institutions a more cooperation between islamic operators at an international level a a better legal and regulatory environment a better competencies in islamic finance
asian conference on takaful insurance intercontinentai singapore march

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DOCUMENT WORD ANALYSIS

Main Category

AlHuda Material\takaful

KeyWords

taka islam insur malaysia productdeferred shariah countries muslim financial retakaful model growth custom partner developed service mutual bankable provided scheme

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Number of Pages

32

Published Date

2016-09-17 01:17:36

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Current Achievements of Takaful by Dr. S. J Malaikah

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