Takaful has global potential, say experts | GulfNews.com

Takaful has global potential, say experts | GulfNews.com:

"The takaful industry has huge potential to join the mainstream insurance business outside Muslim countries as a viable alternative to conventional insurance, say experts.
The global takaful (Islamic insurance) industry, which has a relatively small share of about $17 billion (Dh62 billion) in underwritings compared to the $3 trillion held by the mainstream industry, needs to attract wider audience and underwrite insurance requirements of larger businesses, said delegates at the Global Islamic Economy Summit 2013.
“There are a large number of big businesses such as huge infrastructure projects, oil and gas installations and power projects including nuclear projects coming up in the region,” said Fareed Lutfi, Secretary General of Emirates Insurance Association. “Currently the takaful industry’s role in underwriting big-ticket risks is minimal while the industry is focused mostly on life and family takaful, motor insurance and relatively small businesses. This situation calls for creation of larger re-takaful companies that have the capital size to cover larger size risks.”"

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