San Francisco, June 14, 2016 (GLOBE NEWSWIRE) — Takaful is a type of insurance, based on Sharia law. It requires a group of people which collect money and promise to reimburse the other partners in the group in case of accidents or unknown causes. This type of insurance is predominant in Muslim countries, where commercial insurance is not allowed.
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There are currently 4 business models followed by takaful operators. These are mainly the Al Waqf, Mudharabah, Wakala, and lastly a combination of Wakala and Mudharabah. In Mudhrabah, the policy holders pool money in a group, and the takaful operator redeems money back to the policy holders according to the losses. A part of the capital can be reclaimed in Al Waqf, while in Wakala, a power of attorney decides if the amount is redeemable.
The Malaysian takaful market has immense growth potential since it seems unperturbed by the changes in the global financial market. This market is estimated to be valued at USD 1.4 billion as of 2014. It is projected to show growth at a 19.1% CAGR over the forecast phase (2013-2018).
Bank Negara Malaysia, a premier financial institution, has released a concept paper termed as LIFE (Life Insurance and Family Takaful for Everyone) in 2013, which outlines regulations for individuals to gain the benefit of takaful. Additionally, the Malyasian Budget announced a takaful plan for low income households in 2014.
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The takaful market in Malaysia needs to consider the changing regulatory policies and the existing competition to chalk out better strategies. Malaysia will enjoy a healthy growth on account of the young populace and the strong economy.
Institutions involved in the takaful market in Malaysia include Malayan Banking Berhad (Maybank), Great Eastern Takaful Berhad, AmMetLife Takaful Berhad, and AIA Public Takaful Bhd. Mergers and acquisitions are a key strategy employed by these institutes to gain better returns and maintain their industry foothold.
Table of Contents
- Executive Summary
- List of Abbreviations
- Scope of the Report
3.1 Market Overview
3.2 Product Offerings
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- Market Research Methodology
4.1 Market Research Process
4.2 Research Methodology
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