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World Takaful Report 2010
 
−
Managing performance in a recovery
 
−
Ashar Nazim - Islamic Financial Services Group
 
−
Justin Balcombe - Middle East Insurance Leader
 
−
Mark Stanley - Islamic Financial Services Group
 
  
−
Key messages
 
−
  1.  Resilient Growth
 
−
      Takaful has experienced continued growth but penetration remains low in
 
−
      key markets
 
−
  2.  Takaful Varies Across Geographies
 
−
      Increased dialogue between regulators and Shari'a scholars will help build
 
−
      consistency
 
−
  3.  Mixed Financial Performance
 
−
      Performance of operators in the GCC and Malaysia varies significantly due
 
−
      to different business and operational strategies
 
−
  4.  Challenging Business Environment
 
−
      Business risks from last year resonate in 2010 but shifts suggest M&A is
 
−
      likely
 
−
Page 2                        The World Takaful Report 2010
 
  
−
Global takaful contributions totalled US$5.3b in
 
−
2008
 
−
                                                                Global Gross Takaful Contributions (US$m)
 
−
                                                                                                                5,318 28        CAGR 2005-2008
 
−
                                                                                                                            104
 
−
            CAGR (2005-2008) = 39%                                                                                299
 
−
                                                                                        4,122                                  Levant          18%
 
−
                                                                                                    22            1,146
 
−
                                                                                          276      76
 
−
                                                              3,068                                                            Indian Sub-    135%
 
−
                                                                        18              901                                  Continent
 
−
                                                                256      11
 
−
                                      1,988 17                  695                                                            Africa          18%
 
−
                                                8
 
−
          1,384 14                              181                                                              3,742
 
−
                        5              544                                              2,846                                  South-East Asia 28%
 
−
            474      121                                      2,089
 
−
                                      1,239
 
−
            770                                                                                                                GCC              45%
 
−
            2004                      2005                    2006                      2007                  2008 (e)
 
−
                                                                  Iran - Gross Contributions by Year (US$m)
 
−
        2,164                        2,561                    2,896                      3,415                      4,096                    17%
 
−
Source: World Islamic Insurance Directory 2010 (Reproduced with permission from Takaful Re Limited), Ernst & Young analysis
 
−
Page 3                                                                  The World Takaful Report 2010
 
  
−
Insurance penetration rates remain low across
+
== Top 20 FREQUENT WORDS ==
−
OIC countries
+
takaful 39
−
                                              Insurance Penetration and Real GDP Growth for Select Countries
+
islamic 16
−
                                          18%
+
insurance 7
−
                                          UK
+
financial 6
−
                                          16%
+
institutions 6
−
  Insurance Penetration (Gross
+
model 5
−
                                          14%
+
asia 4
−
                                          12%
+
based 4
−
                                                                                                                                    Organisation of the
+
challenges 4
−
                                          10%                                                                                      Islamic Conference (OIC)
+
countries 4
−
                                                        France
+
markets 4
−
                                                                                Singapore                                          member states (2010)
+
operators 4
−
premiums/Nominal GDP in 2008)
+
participants 4
−
                                                                  USA
+
products 4
−
                                              8%
+
riba 4
−
                                                                        World
+
shariah 4
−
                                  Italy        Germany
+
agency 3
−
                                              6%      Canada
+
arab 3
−
                                                                                  Malaysia
+
bedouin 3
−
                                                                                                                      India
+
business 3
−
                                              4%                          Thailand          Morocco
+
camel 3
−
                                    Russia                                          Jordan                                                  Qatar
+
companies 3
−
                                              2%                  UAE        Tunisia
+
estimated 3
−
                                                    Turkey                                  Indonesia
+
growth 3
−
                                                                                  Pakistan            Bangladesh
+
malaysia 3
−
                                                        Kuwait        KSA                Egypt
+
movement 3
−
                                                                            Algeria              Oman Nigeria
+
operator 3
−
                                              0%
+
risk 3
−
                            -2%                  0%              2%                  4%            6%          8%        10%      12%          14%
+
role 3
−
                                                                                      Estimated Real GDP Growth (2009-2011)
+
sharia 3
−
Source: Swiss RE - Sigma No. 3 (2009), Global Insight, Ernst & Young analysis
+
specific 3
−
Page 4                                                                                The World Takaful Report 2010
+
uncertainty 3
 +
wakalah 3
  
−
Key messages
 
−
  1.  Resilient Growth
 
−
      Takaful has experienced continued growth but penetration remains low in
 
−
      key markets
 
−
  2.  Takaful Varies Across Geographies
 
−
      Increased dialogue between regulators and Shari'a scholars will help build
 
−
      consistency
 
−
  3.  Mixed Financial Performance
 
−
      Performance of operators in the GCC and Malaysia varies significantly due
 
−
      to different business and operational strategies
 
−
  4.  Challenging Business Environment
 
−
      Business risks from last year resonate in 2010 but shifts suggest M&A is
 
−
      likely
 
−
Page 5                        The World Takaful Report 2010
 
  
−
Four business models reflect a diversified
 
−
industry
 
−
                                    Mudaraba                      Wakala                  Combined              Wakala Waqf
 
−
Strengths                ►  Enhanced                  ► No sharing in the        ► Two sources of        ► Two sources of
 
−
                              profitability              technical result          revenues                revenues
 
−
                          ►  Operator is              ► Excessive risk taking    ► No sharing in the    ► No sharing in the
 
−
                              incentivized to            is fully mitigated as      technical result        technical result
 
−
                              achieve strong              no upside exists        ► Qard Al-Hasan
 
−
                              technical results                                      partially limits
 
−
                          ►  Qard Al-Hasan                                          excessive risk taking
 
−
                              partially limits
 
−
                              excessive risk taking
 
−
Constraints              ►  Shareholders are          ► Profitability is        ► Excessive risk taking ► No Qard Al-Hasan to
 
−
                              permitted to share in      reduced as there is        only partially          address deficits (e.g.
 
−
                              the technical results      no upside from the        mitigated through      during catastrophic
 
−
                          ►  Excessive risk taking      policyholders’ fund.      Qard                    events), which may
 
−
                              only partially            ► Direct financial        ► Direct financial        impact long-term
 
−
                              mitigated through          incentives to improve      incentives to improve  sustainability
 
−
                              Qard                        technical results are      technical results are
 
−
                                                          limited                    limited
 
−
                          ►  Corporate governance for participants
 
−
                          ►  Equitable distribution of surplus over time
 
−
Source: Ernst & Young analysis
 
−
Page 6                                                    The World Takaful Report 2010
 
  
−
Takaful business models - the way forward
+
== DOCUMENT KEY POINTS ==
−
                                        Key Strategic Issues
+
*it provide provides mutual protection and joint risk sharing in the event of a loss by one of its member
−
                Revenue drivers          Shari’a and regulatory        Building customer trust /
+
*introduction takaful is the sharia compliant brand name for the islamic alternative to conventional insurance
−
1                                  2                                3
 
−
                vary significantly          requirements vary                  brand loyalty
 
−
  ► Fee        structures and        ► Takaful  regulations are      ► Governance    standards
 
−
        profitability vary              specific to jurisdictions        remain limited
 
−
  ► Resilience of each model        ► Shari’a framework is yet      ► Policyholders are sole
 
−
        is impacted by these            to be convincingly applied      providers of risk capital
 
−
        revenue streams                as a business advantage
 
−
                                          Recommendations
 
−
            Review feasibility of        Address local leading          Strengthen corporate
 
−
A                                  B                                C
 
−
              operating models                  practices                      governance
 
−
  ► Clearly          understanding  ► Understanding    of Shari'a  ► Communicate    uniqueness
 
−
        each model and its              requirements and                of takaful models
 
−
        practical implementation        regulations is key            ► Position as competitive
 
−
        is key                                                          advantage
 
−
Source: Ernst & Young analysis
 
−
Page 7                                The World Takaful Report 2010
 
  
−
Key messages
+
*from the holly quran i R the need for insurance is shown in the following verse of the quran
−
  1.  Resilient Growth
+
*those of you who die and leave widows should bequeath for their widows a year s maintenance and residence
−
      Takaful has experienced continued growth but penetration remains low in
 
−
      key markets
 
−
  2.  Takaful Varies Across Geographies
 
−
      Increased dialogue between regulators and Shari'a scholars will help build
 
−
      consistency
 
−
  3.  Mixed Financial Performance
 
−
      Performance of operators in the GCC and Malaysia varies significantly due
 
−
      to different business and operational strategies
 
−
  4.  Challenging Business Environment
 
−
      Business risks from last year resonate in 2010 but shifts suggest M&A is
 
−
      likely
 
−
Page 8                        The World Takaful Report 2010
 
  
−
Average RoE for a sample of takaful operators
+
*he asked the bedouin why don t you tie down your camel the bedouin answered i put my trust in allah swt
−
in GCC and Malaysia
+
*from the hadiths i R by anas bin malik one day prophet muhammad pbuh notced a bedouin leaving his camel without tying it
−
          20%
 
−
          15%
 
−
                                                                                            11.1%
 
−
                                                          9.7%
 
−
          10%
 
−
                                    10.0%                                      6.2%                  7.6%
 
−
          5%                                                                5.7%
 
−
                                      1.6%              5.2%
 
−
          0%
 
−
                              2005                    2006                  2007          2008  2009
 
−
          -5%
 
−
                                                                                                    -6.5%
 
−
                                                                                            -5.3%
 
−
        -10%
 
−
                                                              GCC                Malaysia
 
−
                        Takaful has not historically been a 20% RoE industry
 
−
Source: Company Annual Reports, Ernst & Young analysis
 
−
Page 9                                                    The World Takaful Report 2010
 
  
−
Net income breakup for takaful operators in the
+
*riba in insurance i R direct riba excess on one side in case of exchange between the amount of premium
−
GCC and Malaysia
+
*i R indirect riba the interest earned on interest based investments
−
                                GCC (Sample)                                                                                              Malaysia (Takaful Industry)
 
−
100%                                                                                                        100%
 
−
  90%                                                            16%                                        90%                                          22%        19%  22%
 
−
                                                                                                                              25%              27%
 
−
  80%                                                                                                        80%
 
−
  70%          62%                                                                                          70%
 
−
  60%                                            80%                                                          60%
 
−
                                                                                    Investment
 
−
  50%                            97%                                                income                  50%
 
−
  40%                                                            84%                                        40%                                                    81%
 
−
                                                                                    Underwriting                            75%                          78%            78%
 
−
                                                                                                                                                73%
 
−
  30%                                                                                income                  30%
 
−
  20%          38%                                                                                          20%
 
−
  10%                                            20%                                                          10%
 
−
                                        3%
 
−
    0%                                                                                                          0%
 
−
              2005            2006            2007            2008                                                        2005              2006      2007      2008 2009
 
−
            GCC takaful industry’s income is not derived from underwriting
 
−
Source: Company Annual Reports, CBB Insurance Market Review (Bahrain), Financial Stability and Payments Systems Report (Malaysia), Ernst & Young Analysis
 
−
Page 10                                                            The World Takaful Report 2010
 
  
−
Retakaful ratios for a sample of operators in
+
*the concept of takaful i R taburro contribution from the participants policy holders i R partnership among the participants
−
GCC and Malaysia
+
*i R need of an operator i R investment in sharia compliant modes
−
        45%                          42.2%
 
−
                                                          37.9%                39.3%
 
−
        40%                                                                                  36.3%
 
−
                                                                                                        37.0%
 
−
        35%
 
−
        30%
 
−
        25%
 
−
        20%
 
−
        15%
 
−
                                                          9.1%                                8.5%
 
−
        10%
 
−
                                      3.9%                                      4.7%
 
−
          5%                                                                                            4.5%
 
−
          0%
 
−
                              2005                    2006                  2007          2008    2009
 
−
                                                              GCC                Malaysia
 
−
                                  GCC operators also rely heavily upon retakaful
 
−
Source: Company Annual Reports, Ernst & Young analysis
 
−
Page 11                                                  The World Takaful Report 2010
 
  
−
Average claims ratio for takaful operators in the
+
*i R the role of the shariah board is vital in meeting the specific demand of a public who would not insure otherwise
−
GCC and Malaysia
+
*shariah compliance i R shariah compliance is an essential element in takaful
−
                    70%
 
−
                                                                                                                                                    60.9%
 
−
                                                                                                                                                                            55.6%
 
−
                    60%                                                                                              54.2%
 
−
                                                                                                49.5%                                                47.3%                        53.6%
 
−
                    50%
 
−
                                        43.2%                                                                            43.8%
 
−
                                                                    41.3%                      43.2%                                                                          47.8%
 
−
                    40%                                                                                                  38.6%                      41.5%
 
−
        Ratio (%)
 
−
                    30%                                          33.6%                        34.8%
 
−
                                                                                                                        32.4%
 
−
                                          27.6%                                                                                                  29.3%                    28.6%
 
−
                    20%
 
−
                    10%
 
−
                    0%
 
−
                                  2003                      2004                        2005                      2006                      2007                      2008
 
−
                                Saudi Arabia Insurance Claims Ratio                                                  UAE Insurance Claims Ratio
 
−
                                Bahrain Takaful Claims Ratio                                                        Malaysia Takaful Claims Ratio
 
−
                      Business mix and claims management needs to improve
 
−
Source: CBB Insurance Market Review (Bahrain), Annual Takaful Statistics issued by Bank Negara Malaysia (Malaysia), Annual Insurance Statistics issued by Insurance Authority (UAE), SAMA Insurance
 
−
Review (Saudi Arabia)
 
−
Page 12                                                                The World Takaful Report 2010
 
  
−
Financial performance - the way forward
+
*i R wakalah model an agency agreement is made between participants and operators on the basis of wakalah agency agreements i R wakalah based on waqf model the participant s donate the fund and operator charge an agency fee
−
                                              Key Strategic Issues
+
*different models of takaful i R pure mudarabah model the participants and operator enter into modarabah contract
−
        Quality of underwritten              Ensuring investment
 
−
1                                      2                              3    Efficiency in operation
 
−
                      business                      discipline
 
−
  ► Limited          access to quality  ► Limited  access to Shari’a    ► Critical  business volume
 
−
        customers                          compliant capital markets      not achieved
 
−
  ► Complex risks are a                  ► High direct exposure to      ► High combined ratios
 
−
        challenge                          equity markets                ► Service quality remains
 
−
  ► Business mix is sub-                ► Ad-hoc approach to              sub optimal
 
−
        optimal                            portfolio management
 
−
                                              Recommendations
 
−
            Revisit strategy and           Sustainable investment
 
−
A                                      B                              C    Lower cost of operation
 
−
          implementation plan                    management
 
−
  ► Revisit          business mix and    ► Manage    portfolio via      ► Target  economies of
 
−
        build scale                        specialist intermediaries      scale and scope
 
−
  ► Specialize - customer,              ► Actively lobby for            ► Improve loss ratios -
 
−
        sectors, business lines            deepening local Islamic        business mix and claims
 
−
  ► Build risk infrastructure              capital markets              ► Shared service
 
−
        and improve retention                                              arrangements
 
−
Source: Ernst & Young analysis
 
−
Page 13                                  The World Takaful Report 2010
 
  
−
Key messages
+
*takaful pioneers i R takaful started some years ago in the middle east with the launching of two companies i R the islamic arab insurance co
−
  1.    Resilient Growth
+
*of sudan i R but it took some time for the movement to take shape
−
        Takaful has experienced continued growth but penetration remains low in
 
−
        key markets
 
−
  2.    Takaful Varies Across Geographies
 
−
        Increased dialogue between regulators and Shari'a scholars will help build
 
−
        consistency
 
−
  3.    Mixed Financial Performance
 
−
        Performance of operators in the GCC and Malaysia varies significantly due
 
−
        to different business and operational strategies
 
−
  4.    Challenging Business Environment
 
−
        Business risks from last year resonate in 2010 but shifts suggest M&A is
 
−
        likely
 
−
Page 14                        The World Takaful Report 2010
 
  
−
Takaful business risks in 2010 reflect improved
+
*i R this was instrumental in the successful launching of the takaful movement in malaysia and in other countries of south east asia
−
market conditions and potential for M&A
+
*takaful pioneers i R later in malaysia played a pioneering role in setting the first legal framework specific to takaful takaful act
−
                                                                          Takaful Global Business Risks 2010
 
−
Key Business Risks 2009
 
−
                                                            Financial                                            Compliance
 
−
        High-risk
 
−
1      Investment
 
−
        Portfolios                                                                                              Regulatory
 
−
        Shortage of                                     High-risk                                              Compliance
 
−
2
 
−
        Expertise
 
−
                                                        Investment
 
−
3      Competition                                    Portfolios                                          -
 
−
        Global Economic
 
−
4
 
−
        Downturn
 
−
        Enterprise Risk                                                                                              Inability to
 
−
5
 
−
        Management                                  Limited                                                            Achieve
 
−
        Regulatory                                Financial                                                        Underwriting
 
−
6
 
−
        Compliance                              Flexibility                                                            Profit
 
−
        Inability to Achieve
 
−
7
 
−
        Underwriting Profit
 
−
        Lack of Rated                                                                                        Shortage of
 
−
8
 
−
        ReTakaful                                          Competition                                        Expertise
 
−
        Limited Financial
 
−
9
 
−
        Flexibility
 
−
        Inability to Tap Pent-
 
−
10                                                        Strategic                                            Operational
 
−
        up Demand
 
−
Source: Corporate Interviews, Ernst & Young analysis
 
−
Page 15                                                        The World Takaful Report 2010
 
  
−
Business risks - the way forward
+
*other islamic takaful legislations i R other markets such as the sudan and iran have islamic regulatory environments and became naturally takaful markets
−
                                        Mitigating Key Strategic Business Risks
+
*i R in the gulf countries specific takaful legislations are coming through in bahrain and in saudi arabia
−
                                                                                      Balancing investment
 
−
1        Developing talent pool            2    Managing competition        3
 
−
                                                                                            portfolios
 
−
  ► Boards          to actively direct      ► Quickly  build critical        ► Disciplined  approach to
 
−
        investment in skill building              business volumes - M&A            investing
 
−
  ► Establish alliances                      ► Specialization, service          ► Lobby for new products
 
−
  ► Initiate industry-wide                      quality and Shari'a              and deeper Shari’a
 
−
        compulsory training and                ► Strategy execution and            capital markets
 
−
        qualification programs                    accountability
 
−
    Strengthening underwriting                                                        Regulatory guidance
 
−
4                                            5 Creating financial flexibility  6
 
−
                    capabilities                                                      as a business enabler
 
−
  ► Specialize              by customer      ► Boards  to actively direct      ► Embrace    regulatory
 
−
        segment, sectors and                     strategic M&A                      compliance
 
−
        business lines                        ► Capital planning to              ► Infrastructure institutions
 
−
  ► Link-up with specialists                    address business and              like IFSB, AAOIFI and
 
−
  ► Focus on originating                        regulatory requirements            IIFM to play a more
 
−
        quality business                      ► Prudent use of retakaful          proactive role
 
−
Source: Ernst & Young analysis
 
−
Page 16                                        The World Takaful Report 2010
 
  
−
Key executive level takeaways
+
*on average i R world takaful contributions are conservatively estimated at around us billions of which i R general takaful i R family takaful
−
  1.    Achieving Scale
+
*takaful premium i R takaful is one of the fastest growing segments in insurance at around pa
−
        Takaful needs to build scale if it is to improve technical income and reduce
 
−
        its reliance upon investments - M&A and specialization are key drivers
 
−
  2.    Differentiation
 
−
        Convincing customers of the value of takaful remains a challenge - a
 
−
        focused offering and brand credibility are key to addressing this issue
 
−
  3.    Strategy Development and Execution
 
−
        Benchmarking performance, developing the right strategy and successful
 
−
        implementation and accountability will differentiate market leaders
 
−
Page 17                        The World Takaful Report 2010
 
  
−
Thank you
+
*i R 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
−
Contact us:
+
*billions of which around are based in asia and africa
−
Ashar Nazim - ashar.nazim@bh.ey.com
+
 
−
Justin Balcombe - justin.balcombe@ae.ey.com
+
*conclusions i R despite the challenges facing this new industry exciting times are ahead once the latent potential is unleashed
−
Mark Stanley - mark.stanley@bh.ey.com
+
*i R the success of takaful largely depends on that of islamic financial institutions on a global basis
 +
 
 +
 
 +
''Please note, This is an auto generated summary based on sentances position in the document and other factors''
 +
== 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
 +
 
 +
 
 +
 
 +
== RELATED DOCUMENTS ==
 +
:[[A Review of Takaful by Prof. Khawaja Ahmed Saeed]]
 +
:[[Agency Management,Training and Incentive Programme]]
 +
:[[Audit Issue of Islamic Banking]]
 +
:[[Banca Takaful by Faisal Shahzad Abbassi]]
 +
:[[Best Practices from e- Insurance to e-Takaful by Sami Guello]]
 +
:[[Calculated Risks, Measurable Results]]
 +
:[[Challenges & Issues Faced by Takaful Industry by Mr. Imtiaz ]]
 +
:[[Co-Operative Insurance and Takaful]]
 +
:[[Current Achievements of Takaful by Dr. S. J Malaikah]]
 +
:[[International Cooperative & Mutual Insurance Federation]]
 +
:[[Islamic Banking And Finance Malaysia’s Experience And Achiev]]
 +
:[[Islamic Finance & Investment Symposium by Sohail Jaffar]]
 +
:[[Islamic Insurance in 21st Century by Ahmad Feizal]]
 +
:[[Islamic Insurance Opertunities and Challenges]]
 +
:[[Issues and Challenges in Retakaful by Azman Ismail]]
 +
:[[Leveraging BancaTakaful as a Key Growth Channel by Mr. Rohai]]
 +
:[[Life Family Takaful by Mr. P Ahmed]]
 +
:[[Micro Insurance Co-Operative and Takaful]]
 +
:[[Micro Takaful by Shabir Patal]]
 +
:[[Microinsurance and Takaful]]
 +
:[[Microinsurance, cooperatives and Takaful]]
 +
:[[MicroTakaful – the way forward by Capt. M. Jamil Akhtar]]
 +
:[[Opertunities in Islamic Insurance]]
 +
:[[Present Scenario and Future Potentials of Takaful by Kazi Md]]
 +
:[[ReTakaful by Rohail Ali Khan]]
 +
:[[Syariah Compliant General Takaful Products by Sami Guellouz]]
 +
:[[Takaful and Mutuality by Mohd. Masua Billah]]
 +
:[[Takaful by Abdul Rahim]]
 +
:[[Takaful for Microfinance]]
 +
:[[Takaful Opperunities and Challenges By Azeem Pirani]]
 +
:[[Takaful Products Family Takaful Linked Investment Plans by S]]
 +
:[[Takaful World Prospective Middle East & North Africa]]
 +
:[[Takaful]]
 +
:[[Takful - Zubair Mughal]]
 +
:[[Takful Report]]
 +
:[[The Islamic Vision Presentation]]
 +
:[[The Success of Retakaful by Farid Benbouzid]]
 +
 
 +
 
 +
 
 +
== DOCUMENT REFERENCES ==
 +
 
 +
 
 +
=== Number of Pages ===
 +
28
 +
 
 +
 
 +
=== Published Date ===
 +
2016-09-17 01:21:15
 +
 
 +
 
 +
== Full Document ==
 +
 
 +
 
 +
[https://www.hodhood.com/en/HodHoodDocuments/IslamicFinance/Takaful/Takful%20-%20Zubair%20Mughal.pdf Read the Full Document]
 +
 
 +
 
 +
[[Category:Islamic Finance]]
 +
 
 +
[[Category: Takaful]]

Latest revision as of 04:54, 10 November 2017


Top 20 FREQUENT WORDS

takaful 39 islamic 16 insurance 7 financial 6 institutions 6 model 5 asia 4 based 4 challenges 4 countries 4 markets 4 operators 4 participants 4 products 4 riba 4 shariah 4 agency 3 arab 3 bedouin 3 business 3 camel 3 companies 3 estimated 3 growth 3 malaysia 3 movement 3 operator 3 risk 3 role 3 sharia 3 specific 3 uncertainty 3 wakalah 3


DOCUMENT KEY POINTS

  • it provide provides mutual protection and joint risk sharing in the event of a loss by one of its member
  • introduction takaful is the sharia compliant brand name for the islamic alternative to conventional insurance
  • from the holly quran i R the need for insurance is shown in the following verse of the quran
  • those of you who die and leave widows should bequeath for their widows a year s maintenance and residence
  • he asked the bedouin why don t you tie down your camel the bedouin answered i put my trust in allah swt
  • from the hadiths i R by anas bin malik one day prophet muhammad pbuh notced a bedouin leaving his camel without tying it
  • riba in insurance i R direct riba excess on one side in case of exchange between the amount of premium
  • i R indirect riba the interest earned on interest based investments
  • the concept of takaful i R taburro contribution from the participants policy holders i R partnership among the participants
  • i R need of an operator i R investment in sharia compliant modes
  • i R the role of the shariah board is vital in meeting the specific demand of a public who would not insure otherwise
  • shariah compliance i R shariah compliance is an essential element in takaful
  • i R wakalah model an agency agreement is made between participants and operators on the basis of wakalah agency agreements i R wakalah based on waqf model the participant s donate the fund and operator charge an agency fee
  • different models of takaful i R pure mudarabah model the participants and operator enter into modarabah contract
  • takaful pioneers i R takaful started some years ago in the middle east with the launching of two companies i R the islamic arab insurance co
  • of sudan i R but it took some time for the movement to take shape
  • i R this was instrumental in the successful launching of the takaful movement in malaysia and in other countries of south east asia
  • takaful pioneers i R later in malaysia played a pioneering role in setting the first legal framework specific to takaful takaful act
  • other islamic takaful legislations i R other markets such as the sudan and iran have islamic regulatory environments and became naturally takaful markets
  • i R in the gulf countries specific takaful legislations are coming through in bahrain and in saudi arabia
  • on average i R world takaful contributions are conservatively estimated at around us billions of which i R general takaful i R family takaful
  • takaful premium i R takaful is one of the fastest growing segments in insurance at around pa
  • i R 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
  • conclusions i R despite the challenges facing this new industry exciting times are ahead once the latent potential is unleashed
  • i R the success of takaful largely depends on that of islamic financial institutions on a global basis


Please note, This is an auto generated summary based on sentances position in the document and other factors

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


RELATED DOCUMENTS

A Review of Takaful by Prof. Khawaja Ahmed Saeed
Agency Management,Training and Incentive Programme
Audit Issue of Islamic Banking
Banca Takaful by Faisal Shahzad Abbassi
Best Practices from e- Insurance to e-Takaful by Sami Guello
Calculated Risks, Measurable Results
Challenges & Issues Faced by Takaful Industry by Mr. Imtiaz
Co-Operative Insurance and Takaful
Current Achievements of Takaful by Dr. S. J Malaikah
International Cooperative & Mutual Insurance Federation
Islamic Banking And Finance Malaysia’s Experience And Achiev
Islamic Finance & Investment Symposium by Sohail Jaffar
Islamic Insurance in 21st Century by Ahmad Feizal
Islamic Insurance Opertunities and Challenges
Issues and Challenges in Retakaful by Azman Ismail
Leveraging BancaTakaful as a Key Growth Channel by Mr. Rohai
Life Family Takaful by Mr. P Ahmed
Micro Insurance Co-Operative and Takaful
Micro Takaful by Shabir Patal
Microinsurance and Takaful
Microinsurance, cooperatives and Takaful
MicroTakaful – the way forward by Capt. M. Jamil Akhtar
Opertunities in Islamic Insurance
Present Scenario and Future Potentials of Takaful by Kazi Md
ReTakaful by Rohail Ali Khan
Syariah Compliant General Takaful Products by Sami Guellouz
Takaful and Mutuality by Mohd. Masua Billah
Takaful by Abdul Rahim
Takaful for Microfinance
Takaful Opperunities and Challenges By Azeem Pirani
Takaful Products Family Takaful Linked Investment Plans by S
Takaful World Prospective Middle East & North Africa
Takaful
Takful - Zubair Mughal
Takful Report
The Islamic Vision Presentation
The Success of Retakaful by Farid Benbouzid


DOCUMENT REFERENCES

Number of Pages

28


Published Date

2016-09-17 01:21:15


Full Document

Read the Full Document