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The Growth Potential Of Islamic Insurance Takaful in Arab Market
1. The growth potential for Islamic Insurance (takaful) in the Arab Market A.Rahman Tolefat Head, Licensing and Information Manama, 21 st March 2006
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6. Flow of contributions Policyholders funds Contributions (premiums) base on donation Pay claims, reinsurance & expenses Investments (Mudarabah) Surplus Shareholders funds Wakhala fees 70% 30% Reserves Dividends
7. Obligation of participants Shareholders fund Participants fund Insurance operation Deficit Option(1): Qarad Hassan Investment Participants Option (2):Pay additional premiums
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10. Takaful companies 16 Sudan 1 Qatar 5 Iran 60 Total 8 other 4 UAE 4 Kuwait 8 Malaysia 14 Bahrain Number Country
11. Geographical Distribution of Takaful contributions 100 2,114 Total 2 52 Other 20 425 Other Asia Pacific Countries 13 280 Malaysia 37 777 Iran 28 580 Arab Countries Market share (%) GPW (US$ Million)
14. Family Takaful would grow at faster rate of 20% p.a. than general takaful of 8% p.a. Family Vs General growth? Family General 8% 20%
15. Enhancement of Islamic banking and finance huge infrastructure project (multi billion projects): -Durrat al-Bahrain. -Qatar energy city. -Financial Harbor. Growth Factors for General takaful?
16. General Takaful Enhancement of Islamic banking and finance Market share of Islamic banks in customer finance: -Islamic Mortgages -Automobiles - Personal financing.
17. Growth Factors for Family takaful? Factors Cost of education Compulsory insurance Joint family system Social security benefit Young populations
18. Growth Factors for Family Takaful Demographic Young and more educated population - Takaful product awareness (health and financial securities). - Demand of takaful products (housing …)
19. Growth Factors for Family Takaful Reducing Government security benefits Population will save more for the future (Annuity and saving plans)
20. Growth Factors for Family Takaful Cost of education Education is greater priority for people in Arab countries Saving plan for children education
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22. Growth Factors for Family Takaful Diminishing of joint family system Force to have their own financial security Compulsory Insurance Open the market further for takaful products
23. Survey Conducted Saving for the future (education)? 80% with Banks Do they understand differences between banks and insurance 91% No Awareness campaigns are needed
24. The most important factor Branding Identity Surplus distributed to the participants for both general and family takaful
25. Survey Conducted Change from conventional to Takaful if a reasonable percentage of surplus distributed? 70% will move to takaful companies on a condition that the same customer services quality will be provided
27. Market potential for takaful worldwide – projection for 2015 3.2 0.4 Other 100 11.09 Total 3.5 0.39 Europe 9.6 1.1 Africa 11.7 1.3 America 34 3.7 South East Asia 38 4.2 Middle East Market share (%) US$ Billion
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