TAKAFUL CONTINUES ITS PAN-ASIAN GROWTH

The Islamic insurance sector is set to blossom as growing numbers of major global insurers and reinsurers seek to access the market. Delegates at an insurance conference in Singapore were told that the growth in takaful products was outstripping the rate in the growth of the conventional insurance policies in Asia. “The opportunities lost for those insurers who are not prepared to ride the takaful wave will be great,” said Abhijit Banerjee, senior vice president, 3i Infotech Asia Pacific. “We are seeing CEOs taking ever greater notice of the potential for the takaful market and we are also seeing non-Muslims look at takaful cover as an opportunity for the conventional market. “I see the two as being able to work side by side and meet the needs of the policyholders. They are not in competition but the potential for takaful is immense.”