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Tuesday, 15 April 2008
Is GCC the Biggest Takaful Market in the World?
Ernst & Young seems to think so. In E&Y's World Takaful Report 2008, E&Y put Gulf Cooperative Countries (GCC) contributions at > $1 bil compared to $2 bil of global contributions in 2006. Out of the 133 takaful operators in the world, 59 are within the GCC.
The takaful industry is also expected to grow at 20% p.a., reaching $4.3 bil contributions in 2010. This is actually still small compared to world insurance premiums of $3.7 trillion.
However, not everyone agrees with E&Y. Solidarity Group puts Asia at 53% market share and expects it to continue to be the dominant market.
If E&Y is correct, then Malaysia will have something to worry about. With the launch of Malaysia International Islamic Financial Centre (MIFC) initiative a few years ago, if GCC is the dominant takaful market, does it mean that the MIFC has not achieved the intended results?
Source: Gulf News
Source: Gulf Daily News
Post your comments below.
About Me
- Name: Teh Loo Hai
- Location: Kuala Lumpur, Malaysia
Loo Hai is an actuarial recruiter cum actuarial consultant. He has over 20 years of work experience gained in Malaysia and Australia in the actuarial, insurance, takaful and pension fields.
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1 Comments:
This assumption is correct. Malaysia will not take the hurdles - the GCC jurisdictions are clearly set to overtake other players in the Takaful field. Ease of regulations and implementation speed make the difference.
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