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In modern society, insurance is indispensable to trade, industry and finance and has become the most effective vehicle for the mobilization of savings for capital formation and long-term investments.
In the light of this Takaful, Islamic Insurance offers a great largely untapped potential as well as a more equitable approach as its underlying characteristics are founded on social solidarity and mutual cooperation.
This rapidly developing industry has been posting growth rates of approximately 10% in the Middle East and 30% per annum in Malaysia; in contrast the global market has been growing at less than 7.5% per annum over the past few years.
If the current trend of growth in Takaful continues, it is possible to foresee a growth in excess of 20% a year over the next 10 to 15 years. There is thus a tremendous scope for Takaful to develop supported by the 1.5 billion worldwide Muslim population and with the growth of the ethical and the social responsible movements in the West. Takaful also has the potential to attract the interest and address the needs of non-Muslim ethically minded consumers in the major conventional markets.
Despite this quite sig?ificant growth, Takaful is yet to gain full acceptance, not only in the West but also in Muslim markets, as there is still a lack of awareness about its tremendous benefits and a perception amongst some Muslims that it is prohibited by Islam. Commenting on this, Sheikh Nizam Yaquby, a globally renowned Shariah scholar said:
“It is our duty as practitioners and the Shariah Scholars to educate the general public and bring this very important matter of planning and saving for future needs through Takaful, to their attention. They must understand that Takaful is becoming more important day by day and that it is in accordance with the Shariah, if not an incumbent requirement of it.”
This seminar presents an ideal platform for those involved in both conventional banking, insurance, Islamic finance and Takaful sectors to enhance knowledge, dispel some of the myths and identify the undoubted opportunities that Takaful presents. Participants will be presented with a focused environment where they can forge new business relationships, explore new ideas, present innovative solutions to key industry issues and generate new business that will serve to continue the growth of the Takaful sector.
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