The business of process administration in the takaful market

As the global takaful market grows and matures, several key issues are emerging for insurers seeking to enter this market and for the solutions providers with whom they partner. According to Catherine Stagg-Macey and Ashley Evans , respectively senior analyst and analyst in the insurance division of information technology research and consulting firm, Celent, these include questions about choosing the right takaful model; the role of “first movers” in the space; the regulation and standardisation of Islamic insurance products; and questions around how to calculate the policyholder surplus. They argue that insurers who can get the answers right are well positioned not only to achieve early success in this new product area but also to set standards for a field that is likely to see significant global growth in upcoming decades

In 2006, Celent’s Overview of Islamic Insurance: Market Trends and Technology Considerations explored the potential of takaful.