Global spread of takaful could open billion-dollar markets
Takaful, a form of Islamic insurance is spreading outside the middle east and could open multi-billion dollar markets globally, with disproportionate benefits for the poor unable to access traditional insurance.
The Strategic Foresight Group writes,
Sources:
The Strategic Foresight Group, Middle-East Edition, July 2010, page 2-3: http://newsletters.clearsignals.org/SFG-ME_July2010.pdf#page=2‘What is Takaful?’ <http://www.islamic-banking.com/takaful_insurance.aspx>
‘Global Takaful Market to Surpass $8.8 Billion in 2010,’ Arab News, 18 April 2010.
<http://www.arabnews.com/economy/islamicfinance/article44685.ece>
‘UAE seen Driving Global Takaful Market to $8.8Bn,’
‘GCC Takaful Industry to Grow at Healthy Pace’, AMEinfo, 13 January 2010,
<http://www.ameinfo.com/221053.html>
‘World Islamic Insurance Directory 2010,’ Middle East Insurance Review.
<http://www.takaful.coop/index.php?option=com_content&view=article&id=69&Itemid=49>
‘Takaful: The Future is Now,’ Gulf Insurance Review, February 2009.
<http://www.girmagazine.com/lines-focus/247840/takaful_the_future_is_now.html>
‘Growing Takaful,’ Al-Ahram Weekly, 28 July-3 August 2005.
‘Yemen Islamic Insurance Ridding High with Takaful’ <http://www.meinsurance
review.com/pages/subscribe/AIR.Article.asp?Article-ID=6084>
‘Takaful Rising,’ Bank Middle East, February 2006.
<http://www.zawya.com/stroy.cfm/sidZAWYA20060307095148>
Takaful could be blueprint for development and poverty alleviation in the Middle East
Takaful, a form of Islamic insurance, is on the rise in the Middle East and could emerge as the blueprint for new forms of economic development and growth.
The Strategic Foresight Group writes,
"Over the past few years, takaful or the Islamic insurance sector has been growing steadily in the Middle-East, especially in the GCC. Takaful means ‘guaranteeing each other.’ It is a kind of insurance based on mutual cooperation, solidarity and brotherhood where the risk is shared collectively by the group. Takaful is different from conventional insurance (see table).
Sources:
The Strategic Foresight Group, Middle-East Edition, July 2010, page 2-3: http://newsletters.clearsignals.org/SFG-ME_July2010.pdf#page=2‘What is Takaful?’ <http://www.islamic-banking.com/takaful_insurance.aspx>
‘Global Takaful Market to Surpass $8.8 Billion in 2010,’ Arab News, 18 April 2010.
<http://www.arabnews.com/economy/islamicfinance/article44685.ece>
‘UAE seen Driving Global Takaful Market to $8.8Bn,’
‘GCC Takaful Industry to Grow at Healthy Pace’, AMEinfo, 13 January 2010,
<http://www.ameinfo.com/221053.html>
‘World Islamic Insurance Directory 2010,’ Middle East Insurance Review.
<http://www.takaful.coop/index.php?option=com_content&view=article&id=69&Itemid=49>
‘Takaful: The Future is Now,’ Gulf Insurance Review, February 2009.
<http://www.girmagazine.com/lines-focus/247840/takaful_the_future_is_now.html>
‘Growing Takaful,’ Al-Ahram Weekly, 28 July-3 August 2005.
‘Yemen Islamic Insurance Ridding High with Takaful’ <http://www.meinsurance
review.com/pages/subscribe/AIR.Article.asp?Article-ID=6084>
‘Takaful Rising,’ Bank Middle East, February 2006.
<http://www.zawya.com/stroy.cfm/sidZAWYA20060307095148>
