By 2004, the total gross written premium (GWP) for takaful business (life and non-life combined) had grown to just under $1.4 billion.
Takaful Insurance Resources
Understanding Takaful Practice
Takaful originates from Arabic word Kafalah, which means "guaranteeing each other" or "joint guarantee". In principle, the Takaful system is based on mutual co-operation, responsibility, assurance, protection and assistance between groups of participants
Global Summit showcases booming potential in Middle East
The booming insurance industry in the Middle East can leapfrog the learning process by learning from the more developed London market, speakers highlighted at the Global Middle East Insurance Summit organised by the MiddleEast Insurance Review Incorporating Global Takaful (MIR) in London last month. Held on 5-6 September to mark MIR’s first anniversary, the Summit gave non-Arab insurance executives the opportunity to learn about the potential and business culture in the Middle East, while Arab insurers had a chance to look closely at ways of exploiting the expertise and capital in the London market, says MIR in its report on the event in its October issue.
Difficult issues in terms of responding to challenges and pricing for profitability were also explored at the Summit.
The Summit also stressed on the fact that in the context of the socio-cultural, economic and religious background of the Middle East, takaful might be the most viable option for insurers.
The takaful theme is also incisively covered in several other articles in the October issue, including a report on the key issues raised at the 3rd International Convention on Takaful and Retakaful held in Kuala Lumpur, and interviews with the International Federation of Takaful and Islamic Insurance Companies and Malaysian takaful operators.
As MIR turns one, it also added more technical features on healthcare and marine insurance. In this issue, Standard P&I Club takes a look at how the trade boom in the Middle East has given rise to challenges that marine insurers and their clients face in responding to losses in the region. (Source)
