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“Since a very high percentage of Muslims today are relatively young, dynamic and aware of Shariah-compliant instruments, the industry will continue to grow faster to meet the needs of a massive emerging middle class,” Al Janahi said at the 4th Annual World Takaful Conference which opened in Dubai on Tuesday.
The conference, designed to debate on core issues that will shape the future of the global Takaful industry, has drawn more than 300 industry leaders.
Al Janahi said Takaful in the UAE grew by 70 per cent in 2007, compared to the 41 per cent growth of conventional insurance. “Non-Muslims are increasingly opting for Shariah-compliant finance, including Takaful,” said Al Janahi, who is also the Deputy Group CEO, Noor Investment Group.
“There are over 1.5 billion Muslims worldwide across 57 countries. The economies of the Organisation of the Islamic Conference nations in 2008 equalled $7.7 trillion. If we apply current ratio of insurance premiums to world GDP, Takaful market potential is $150 billion,” he said.
Takaful is one of the sectors within the industry that holds considerable potential for growth. Over the last few years, Takaful has grown in profile as an alternative to conventional insurance and transformed itself from a regional to a global industry, said Nasser Al Shaali, CEO of the DIFC Authority said.
Ernst & Young’s World Takaful Report 2009, which was unveiled at the conference, notes that global Takaful contributions have risen to $3.4 billion in 2007 as compared to $2.5 billion in 2006. Saudi Arabia, with contributions totalling $1.7 billion in 2007, and Malaysia, with $797 million, are the top two Takaful markets worldwide.
“The Takaful industry has been expanding by tapping into large Muslim markets globally. However, there are still significant untapped markets in Asia and the Middle East North Africa region,” the report said.
According to the report, the Takaful market has largely shown resilience in the current economic downturn compared to the reported losses of almost $350 billion of conventional insurers and government supported enterprises in the Americas, Europe and Asia.
“The global downturn has affected everyone and Takaful is not immune. Takaful operators now need to better manage their costs in a more challenging market as the risk landscape has changed substantially,” Omar Bitar, Managing Partner, Advisory Services, Ernst & Young Middle East, said.
Sameer Abdi, Head of Ernst & Young’s Islamic Financial Services Group, estimated that the global Takaful market could be as high as $7.7 billion by the end of 2012. “Takaful markets now span much of the globe but there still exists a large, expanding and untapped Muslim population on almost every continent.”
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