Takaful faces an uphill climb

Ritika Sharma / Emirates Business

The Islamic insurance industry is facing an uphill climb against severe competitive pressures with an added headwind coming from macroeconomic challenges, according to the Finance Forward Takaful Outlook Report 2016. However, the forecast is brighter with Takaful growing faster than the broader insurance market. This report will be discussed during the upcoming annual World Takaful Conference (WTC) to be in Dubai from April 11.
The conveners of the event will reveal cutting-edge insights on the outlook for the global Takaful industry as part of its commitment to serving the Sharia-compliant insurance markets. The 23-year financial intelligence platform, in partnership with Netherlands-based consultancy Takaful Outsource, said it will launch the report titled ‘Finance Forward World Takaful Outlook Report 2016’ at the WTC, the world’s leading Takaful platform.
Speaking ahead of the conference, Blake Goud, chief research officer of Middle East Global Advisors, said, “The report will complement the insights that come out of the Conference and provide Takaful leaders with the key insights they need in order to make strategic decisions to capitalize on emerging opportunities.”
Momna Saeed, Senior Research Analyst at Middle East Global Advisors added, “The Takaful industry has exhibited impressive double digit annual growth over the last decade; however, it remains underdeveloped as compared to the overall thriving Islamic finance industry.”
“The uniqueness of the report, Saeed continued, “is that it combines current insights from Takaful leaders — gathered from an extensive global survey of practitioners’ — with robust analysis of the impact of the global economy on the regional Takaful markets, as well as comparative analysis of various markets.”
The groundbreaking Takaful report covers a wide variety of issues including the effect pricing regulations and their impacts across various regions, the important and evolving role of actuaries, as well as key issues relating to human capital.