The Malaysian takaful industry made significant strides in 2024, making a record payout of MYR10.20bn ($2.31bn) in benefits to certificate holders.
The adoption of shariah parametric weather index insurance remains in its early stages in Indonesia when compared to traditional takaful and conventional parametric insurance models, Zurich General Takaful Indonesia (Zurich Syariah) president director Hilman Simanjuntak has said.
Driven by rising funding needs in many core markets, diversification goals, Islamic investor demand and regulatory reforms, continued growth of the global sukuk market can be expected, according to a commentary by Fitch Ratings.
Takaful Emarat achieved a turnaround in its financial results in 2024 when it reported net profits attributable to shareholders of AED11.2m ($3m) compared to a net loss of AED12.4m in 2023, according to the audited consolidated financial statements of the company.
Gulf Insurance Group (GIG) has announced a net profit of KWD25.9m ($84m) for the financial year ended 31 December 2024, an increase of 22% compared to a net profit of KWD21.2m in 2023.
Regulatory measures to strengthen the takaful system, macroeconomic stability, digitalisation and increased awareness of takaful products will support sustained growth of Malaysia's takaful sector in 2025, Fitch Ratings said in a new report.
The Insurance Committee of the Qatar Chamber views the issue of the pricing of mandatory health insurance as a priority.
The shariah insurance market in Indonesia faces three major challenges, and they involve demand, supply and the ecosystem, according to the head of the Centre for Sharia Economics & Business (PEBS) of the Faculty of Economics and Business (FEB) at the University of Indonesia (UI), Rahmatina Awaliah Kas.
Sukoon Takaful has reported a significant turnaround and a return to profitability in the financial year ended 31 December 2024.
Malaysia is expected to retain its position as the world's largest sukuk market, predominantly in Malaysian ringgit, according to Fitch Ratings in a report released yesterday.