report
Takaful
An Islamic Alternative to Conventional
Insurance Sees Phenomenal Growth
For the interested reader, further details can be found on the website
of the Islamic Financial Standards Board (www.ifsb.org), document
A C T U A RY A U S T R A L I A August 2009
10
report
The opportunity
Despite these, and other added complications, the takaful industry
has been thriving as of late. While the modern takaful structure
was conceived in the late 1970s and Malaysia became the first
country to adopt independent takaful legislation in 1984, the real
growth on a global scale has come in the last five years or so,
where global contributions have shown an annual increase of over
20%. The current estimate of global annual contributions is over
may be appealing;
due to the restrictions on investments, takaful companies