MENA: Conventional operators prove tough competition to takaful operators

Conventional insurers are proving to be tough competitors for major takaful operators given their big capacity, according to Nassib Barbir, deputy director of Takaful Re Ltd. Takaful operators must keep to Islamic roots and invest in research and development to create true takaful products instead of competing with conventional insurers, Ghassan Marrouche, CEO of Takaful Emarat – Insurance (P.S.C), said. Strong and credible retakaful operators are needed to assist the growth and expansion of takaful. Consistent Shariah compliance is a must for the industry to grow and mature.