Brunei's takaful growth pushes ahead its Islamic finance ambitions

Assets held by the takaful sector in Brunei recently have grown significantly while those of conventional types of insurance have been declining, the monthly report from Brunei's monetary authority AMBD showed. In the year ended Sept. 30, takaful assets rose 21 percent to 425 million Brunei dollars ($336 million). Conventional insurers saw a drop of 1.3 percent in assets during the same 12-month period. At end-September, Brunei's takaful market accounted for 33 percent of total insurance assets. Although insurance assets have seen rapid growth in Brunei in the past decade, industry players say there is still poor awareness about insurance among its population. Brunei has four takaful operators.