The global Takaful insurance market
Charting the road to mass markets
It is clear that national and international regulatory initiatives will affect the way in which firms interact with their retail clients and regulation. Senior executives of Takaful providers should begin assessing the challenges that might affect their ability to generate growth and profitability. As noted in this report, there is a lot going on in the regulatory and practice environment. Takaful business strategies and models will need to be revamped, taking into account expanding regulation, increasing competition from conventional insurers, pricing strategies and costing models. General and Life Takaful solutions may need to be redesigned to accommodate a wider customer base including non-Muslims and should provide for generic insurance coverage in all kind of Takaful products. Product governance and processes should be improved to ensure regulatory and Sharia’a compliance.