Page 21 - Insurance Times February 2016

Contemporary History of Takaful- Islamic N Off shore/ On- shore Drilling Rigs, Oil Explorations,
Insurances: Space Risks like Satellites, Space Shuttles, Launching
Rockets, Ground Controls of Satellites etc. are not yet
N In 1979 the first Takaful companies was licensed in covered under Takaful Insurances.
Sudan at the Capital City of Khartoum.
Reinsurance of Takaful Insurance Com-
N By 1985 many Takaful Insurance Company were opera- panies:-
tive in the UAE, Malaysia and Bahrain.
Takaful Insurance Companies rate, write and underwrite
N Takaful Insurance Companies were around 150 in 2007 risks in same ways as Conventional Insurance Companies.
now they are steadily increasing; by 2015 the number They design Reinsurance Programme and arrange Reinsur-
has reached the benchmark of 200. ance Treaties as usual.

N The Takaful Premium in 2005 was $ 4.7 BLNS. In 2015 Lead Reinsurer may be a Takaful Re Company or a Profes-
the potential is indicated as $7.40 BLNS from 26 Takaful sional Reinsurer operating as WINDOW for Takaful Re.
Markets spread across Asia:- MENA region of Middle
East and North Africa and Asian Markets of India, Paki- All Reinsurances on Any One Treaty of Takaful Insurance
stan, Indonesia, Malaysia, Philippines, Singapore, etc. Company generally have a Mix of REINSURERS: Takaful
Reinsurer, Conventional Reinsurers and Insurance companies
Leading Markets US$ MLNS operating as Reinsurers - all with sound security Rating of
Reinsurer by S & P A.M. Best and such agencies.
Rank Country Premiums in 2015
Malaysian Takaful Re is a Full-fledged Takaful Reinsurance
1 Malaysia 1220 company. But all the major Reinsurance have a WINDOW
as Takaful Reinsurance.
2 Indonesia 1200
Rating Agencies weigh all Financial Management, Strate-
3 Saudi Arabia 934 gies, Claims Settling ability, Sound Reserves to meet Catas-
trophes etc and give Ratings.
4 USA 863
Only Shariah Supervisory Board ascertains the Takaful Insur-
5 Iran 776 ance or Reinsurance Company's Shariah Compliance.

6 UAE 480 Thus Reinsurance needs of Takaful Insurers are served by

7 Egypt 467

8 U.K 260

9 Kuwait 192

10 Algeria 384
Qatar
Jordan
(128 each)

11 China 95

12 India 91

13 Pakistan 76

14 Oman 66

15 Singapore 64

16 Others Including South 221
Africa, Tanzania, Philippines,
Morocco, Syria, Libya, Turkey.

Total 7,389

N Life is a very small segment in Takaful Insurance

N Health and Motor are growing Fast as General Insur-
ance classes. Fire, Property and Engineering,CAR/EAR
risks too are covered by Takaful Insurances.

The Insurance Times, February 2016 21

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