Global: Takaful assets expected to total $72bn by 2023

Source: Middle East Insurance Review | Mar 2019

Takaful should no longer be considered merely as a niche segment of the insurance industry, but as an alternative, according to Mr Ezzedine Ghlamallah, consultant and co-founder of SAAFI, a consulting firm specialising in the distribution and design of takaful solutions and Islamic finance.

Islamic insurance has seen huge growth, he said in an article in Econostrum.info. Globally, gross contributions increased at a compound annual growth rate of 33% between 2005 and 2010, then by 18% between 2008 and 2013 and finally by 6% between 2012 and 2017.

In many markets such as Malaysia, takaful has grown faster than conventional insurance.

The global assets of takaful operators reached $46bn in 2017 and are expected to total $72bn by 2023. Globally, there are 324 Islamic insurance entities, including takaful firms, retakaful operators and takaful windows.

At present, at least 45 countries have developed specific regulations on Islamic finance designed to promote its development. M

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