Indonesia: Takaful contributions grew by 11% in 1Q
Source: Middle East Insurance Review | Jul 2017
Contributions to Islamic insurance in Indonesia grew by 11% to reach IDR3.03 trillion (US$227.5 million) in the first three months of 2017, according to data from the Financial Services Authority (OJK).
The Indonesian Shariah Insurance Association has targeted a 20% growth in contributions to around IDR15 trillion by the end of 2017, reported Kontan.
Takaful has the potential to expand faster later this year than in the first quarter, said media reports.
Factors that support growth include the National Sharia Council Fatwa of the Indonesian Ulema Council which encourages synergy between institutions and Islamic financial activities and support from the OJK in the form of regulations that strengthen takaful. M
IDR1,000 = US$0.07