Global takaful insurance market grows 18% over 5 years: Report

Despite the global takaful insurance market exhibiting impressive double digit growth of 18 percent over the period 2007-2012, the regulatory environment remains a work in progress and faces the challenge of inconsistency and conflicting interpretation across jurisdictions. These are the findings of Deloitte’s 2014 Takaful Insurance Report for Asia, Middle East and Africa, entitled ““The Way Forward for Takaful". Examining six key markets, the report identifies practice gaps and product offerings. Among the findings the study observes that takaful product offerings and diversity of products are lacking, and that the Takaful business is by far underpenetrated in the six countries examined.