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Recent Trends in Takaful
A Presentation byClaude Penland, Associate of the
Casualty Actuarial Society
www.ClaudePenland.com
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What is Takaful?
“Takaful is an Islamic insurance concept which is grounded in Islamic muamalat (banking transactions), observing the rules and regulations of Islamic law.”
See http://en.wikipedia.org/wiki/Takaful Also see www.TakafulMe.com
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Recent Country Trends
Bahrain market growing http://bit.ly/9N8AOB Ireland looks to introduce Islamic Finance laws
http://bit.ly/i73DBE Takaful is fastest-growing area of Saudi
Arabian market http://bit.ly/9YJYk1 Saudi Arabian market may consolidate
http://bit.ly/fIv2Aw Islamic finance in East Africa is increasing
http://bit.ly/bEIDKj
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Country Trends, continued
Malaysia needs Takaful-qualified employees http://bit.ly/cUjTmg, but is developing them http://bit.ly/9UyipV
Bermuda a future possible growth area http://bit.ly/bHWWd7
Regulations governing Takaful separated from traditional insurers in UAE http://bit.ly/cB3Ar8
Russia is considering Sharia banking as an initial step http://bit.ly/epWAEr
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New / Growing Underwriters
4 New Malaysian licenses http://bit.ly/gJeqhb 5 New UAE writers expected in 2011
http://bit.ly/d9GNVn Abu Dhabi National http://bit.ly/ahUBLh ING http://bit.ly/9FUjfr Great Eastern looks to expand Takaful in China,
Brunei, Singapore and Indonesia http://bit.ly/a8aDjD Takaful Brunei Darussalam Sendirian Berhad
launched due to merger http://bit.ly/h6YGXr
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Underwriters, continued Gulf Takaful in Kenya http://bit.ly/cfh7Vq FCB Takaful in Kenya http://bit.ly/9zuafh Halal Takaful http://bit.ly/9rDtp4 MAA Takaful expects growth http://bit.ly/bQD1MB T’azur Company (Takaful) treaty with Hannover
Retakaful http://bit.ly/cdfmP0 African Takaful Re in Egypt http://bit.ly/9FEHdb
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Recent Product & Distribution Trends
Dual agencies that sell both traditional insurance and Takaful are growing http://bit.ly/eOjRyP
Defaults, liquidations and downgrades have been substantial, pointing to significant future M&A activity http://bit.ly/b4grBu
Royal Award for Islamic Finance acknowledgements http://bit.ly/9lYBVq
Read more at www.TakafulMe.com