Dallas, TX -- (ReleaseWire) -- 03/17/2014 -- The increasing importance of Islamic banking brings opportunities for takaful insurers. Geographically, there are not many large takaful operators operating internationally. In fact, there is a growing opportunity for takaful operators to start operations in full swing in geographies such as Europe, the Americas, and Russia. Governments in these geographies are highly recommending the uptake of takaful. Partnerships with banks will present a new and readily available distribution channel, which could open up a gamut of new opportunities for takaful operators to develop Sharia-compliant bancassurance products.
Analysts forecast the Global Takaful market will grow at a CAGR of 16.39 percent over the period 2013-2018. According to the report, the rapid economic growth in emerging countries is one of the major drivers. This rapid economic growth in emerging countries has contributed to an increase in the per capita disposable income, resulting in the purchase of takaful products. Countries such as Indonesia, Turkey, and Malaysia have a large Muslim population who are inclined to purchase products that comply with Sharia principles. In fact, the non-Muslims are also showing an inclination toward buying such products.
The Global Takaful Market 2014-2018, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the GCC, the APAC region, and the ROW; it also covers the Global Takaful market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
Further, the report states that the lack of awareness of Islamic banking and its principles is one of the major challenges for the vendors in the market. Takaful is a relatively new concept; therefore, many Islamic and non-Islamic population across the globe are not aware of these products and their benefits.
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The report recognizes the following companies as the key players in Global Takaful Market: Dubai Islamic Bank PJSC, Kuwait Finance House KSC, Malayan Banking Berhad, Bank Mandiri, HSBC Amanah Takaful (Malaysia) Sdn. Bhd., and PT. Asuransi Jiwa Bringin Jiwa Sejahtera.
The other vendors mentioned in the report are Bank Mandiri, HSBC Amanah Takaful (Malaysia) Sdn. Bhd., and PT. Asuransi Jiwa Bringin Jiwa Sejahtera.
Key questions answered in this report:
What will the market size be in 2018 and what will be the growth rate?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of each of these key vendors?