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Bahrain: Govt needs to take lead in takaful training

Source: Middle East Insurance Review | Jun 2018

The public’s awareness of the features of takaful and its differences with conventional insurance should be raised, according to a new survey by the Bahrain-based General Council for Islamic Banks and Financial Institutions (GCIBAFI).
 
   Takaful operators recruit mostly in local markets, said the survey, adding that “it is therefore likely that regulators or other national bodies will need to take action to support training”.
 
   Though such government support to raise awareness of takaful may exist, in many cases, the onus will fall on the industry itself, which can work in collaboration with religious groups, reported Anadolu Agency citing the survey results.
 
   “Takaful companies are optimistic about growth, and expect it to be slightly stronger than for insurance as a whole. Takaful firms in newer markets are most optimistic about growth, but they face, in a more acute form, problems reported by many takaful companies across the world,” the survey said. The sector struggles continually to establish its position in a market largely dominated by conventional insurers, and often in areas where overall insurance penetration is relatively weak, the survey added.
 
   Takaful operators tend to be locally focused and seek organic growth in their domestic markets rather than engaging in M&A or cross-border activity, said the survey, adding there is a risk that takaful operators will be left behind by technical developments taking place in conventional insurance.
 
   The GCIBAFI Global Takaful Survey 2018 reflects the perspectives of the heads of 55 takaful operators from 24 countries worldwide. M 
 
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