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Recent Trends in Takaful

A Presentation by

Claude Penland, Associate of the

Casualty Actuarial Society

www.ClaudePenland.com

what is takaful
What is Takaful?
  • “Takaful is an Islamic insurance conceptwhich is grounded in Islamic muamalat (banking transactions), observing the rules and regulations of Islamic law.”
  • See http://en.wikipedia.org/wiki/Takaful
  • Also see www.TakafulMe.com
recent country trends
Recent Country Trends
  • Bahrain market growing http://bit.ly/9N8AOB
  • Ireland looks to introduce Islamic Finance laws http://bit.ly/i73DBE
  • Takaful is fastest-growing area of Saudi Arabian market http://bit.ly/9YJYk1
  • Saudi Arabian market may consolidate http://bit.ly/fIv2Aw
  • Islamic finance in East Africa is increasing http://bit.ly/bEIDKj
country trends continued
Country Trends, continued
  • Malaysia needs Takaful-qualified employees http://bit.ly/cUjTmg, but is developing them http://bit.ly/9UyipV
  • Bermuda a future possible growth area http://bit.ly/bHWWd7
  • Regulations governing Takaful separated from traditional insurers in UAE http://bit.ly/cB3Ar8
  • Russia is considering Sharia banking as an initial step http://bit.ly/epWAEr
new growing underwriters
New / Growing Underwriters
  • 4 New Malaysian licenses http://bit.ly/gJeqhb
  • 5 New UAE writers expected in 2011 http://bit.ly/d9GNVn
  • Abu Dhabi National http://bit.ly/ahUBLh
  • ING http://bit.ly/9FUjfr
  • Great Eastern looks to expand Takaful in China, Brunei, Singapore and Indonesia http://bit.ly/a8aDjD
  • Takaful Brunei Darussalam Sendirian Berhad launched due to merger http://bit.ly/h6YGXr
underwriters continued
Underwriters, continued
  • Gulf Takaful in Kenya http://bit.ly/cfh7Vq
  • FCB Takaful in Kenya http://bit.ly/9zuafh
  • Halal Takaful http://bit.ly/9rDtp4
  • MAA Takaful expects growth http://bit.ly/bQD1MB
  • T’azur Company (Takaful) treaty with Hannover Retakaful http://bit.ly/cdfmP0
  • African Takaful Re in Egypt http://bit.ly/9FEHdb
recent product distribution trends
Recent Product & Distribution Trends
  • Dual agencies that sell both traditional insurance and Takaful are growing http://bit.ly/eOjRyP
  • Defaults, liquidations and downgrades have been substantial, pointing to significant future M&A activity http://bit.ly/b4grBu
  • Royal Award for Islamic Finance acknowledgements http://bit.ly/9lYBVq
  • Read more at www.TakafulMe.com