Recent Trends in Takaful

A Presentation byClaude Penland, Associate of the

Casualty Actuarial Society

www.ClaudePenland.com

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

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

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

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

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

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