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Profile
of Global Takaful Industry And Trends
Introduction
The Takaful industry is roughly 30 years young as the first
Takaful company was established in 1979 - the Islamic Insurance Company
of sudan. Today there are some 28 registered Takaful companies worldwide
writing General Takaful (commercial property/liability) and Family Takaful
(Life) on a direct basis. In addition, there are 10 more Takaful programs
either as Islamic "Windows" or marketing agencies that place insurance
risk with conventional insurers or with takaful operators. In fact, the
total number of takaful companies could be higher because all insurance
companies in Sudan are deemed to operate in accordance with Islamic Sharia
guidelines.
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More takaful companies are under formation in
Sri Lanka and in Singapore. At least four more takaful companies will likely
be established in the Middle East (viz. Bahrain, Kuwait, U.A.E. and Egypt).
Several others are being contemplated in various countries such as Saudi
Arabia, Pakistan, Australia and Lebanon. It is also understood that interest
is shown in Takaful in the Philippines, South Africa, Nigeria, and some
of the former states of the Soviet Union. |
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Overall, the Takaful industry in
the Middle East region is newly emerging when compared to other relatively
developed markets such as Malaysia. The more successful companies in the
Middle East (Bahrain/UAE) have grown at 10% annually whereas in Malaysia
the rate of growth has been 60% annually. |
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