An Overview of Islamic Insurance: Market Trends and Technology Considerations
AbstractLondon, United Kingdom 29 November 2006
Technology will be key to the growth of Islamic Insurance market.
Takaful is an Islamic system of mutual insurance built around the concept of donation. In a new report from Celent, , Celent looks at some of the technology options available to support the business challenges of takaful operators.
"The potential for takaful is enormous given that insurance penetration in most Islamic countries does not exceed 1% of gross domestic product," says Catherine Stagg-Macey, senior analyst and author of the report. "Many of the challenges facing takaful operators are strategic, she continued. "This market is trying to establish itself. While skills and resources can be borrowed from conventional insurance markets, there is significant investment required creating the business."
The takaful market is still in a formative stage, and market projections estimate growth rates between 15% and 20% over the next 10 years, reaching US$7.4 billion in premium by 2015. With challenges around customer service and productivity, technology can enable this growing industry through its formative stage.
The 20-page report contains three figures and five tables. A table of contents is available online.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].
Tel: +1 212 345 1366
Tel: +44 (0)782 448 3336
Tel.: +81 3 3500 3023
Table of ContentsLondon, United Kingdom 29 November 2006
|An Overview of Takaful||4|
|The Global Takaful Market||8|
|Takaful Operators and Products||12|
|Role of Technology||14|
|Objectivity and Methodology||19|