Indonesia: Takaful contributions grow 3.5% to $462 mln in 1H

Source: Middle East Insurance Review | Oct 2017

Gross contributions of the takaful industry in Indonesia in the first half of 2017 grew by 3.46% to IDR6.16 trillion (US$467 million), compared to the corresponding six months last year, according to the Indonesian Shariah Insurance Association (AASI).

AASI Chairman Ahmad Sya’roni said that the growth of takaful was much slower than the increase in gross premiums in the conventional insurance industry of 19.6% for the first half of this year.

Nevertheless, the association is optimistic that the takaful industry will boost its performance in the second half of the year. This is based on the projected economic growth rate for Indonesia for this year of 5.1%-5.5%, higher than last year’s economic growth of 5.02%.

AASI aims to increase public education to promote takaful, Mr Ahmad said.

In 2016, the takaful industry reported gross contributions of IDR12.02 trillion, while the overall insurance industry recorded a total premium income of IDR167.04 trillion. M

IDR1,000 = US$0.08

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