1 Abdul Rahman Al Baker Executive Director - Financial Institutions Supervision 5 th May, 2009 Takaful Industry – Challenges & the Way Forward.

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Presentation transcript:

1 Abdul Rahman Al Baker Executive Director - Financial Institutions Supervision 5 th May, 2009 Takaful Industry – Challenges & the Way Forward

2 Overview Takaful Industry Globally & in Bahrain The Main Factors for Growth of Takaful The Current & Future Challenges The Way Forward

3 Year Source: Ernst & Young US$ millions The Global Takaful Contributions Average Annual Growth of 35% per annum

4 North Africa Egypt 3 Algeria 1 Libya 1 Sudan 15 GCC countri es Bahrain 7 UAE 6 Kuwait 12 KSA 37 Asian Countries Malaysia 12 Indonesia 3 Pakistan 4 The Takaful Industry Globally 124 Takaful Companies Globally Source:Ernst & Young

5 Year Source: Ernst & Young US$ millions The Gross Takaful Contributions in the GCC Average Annual Growth of 30% per annum GCC (CAGR) Bahrain 98% Qatar 50% Kuwait 22% UAE 62% KSA 26%

6 The Takaful Industry in Bahrain CBB Solidarity General Takaful Allianz Takaful Legal & General Gulf Takaful T’azur Company AIG Takaful Enaya Takaful International Solidarity Family Takaful Hannover Retakaful ACR Retakaful 7 Takaful companies & 2 Retakaful Co.

7 The Takaful Industry in Bahrain

8 The Takaful Industry in Bahrain Change in Mix of Takaful Contributions

9 The Main Factors Contribute to the Growth of Takaful Industry The Significant Growth of the Islamic Banking The Major Infrastructure & Construction Projects in the region Low Insurance Penetration in the Mena region Muslim Population & Demography Significant Economic Growth in the region Regulatory Initiatives

10 Challenges facing Takaful Industry Corporate Governance issue regarding Policyholders Standardization of Takaful Accounting Standards & Disclosure. Lack of Human Resources

11 Challenges facing Takaful Industry Development of Islamic Instruments Market Limited Retakaful Capacity Banc-takafulassurance & Micro-takaful Misconception

12 The Way Forward……. To Establish appropriate Corporate Governance for Takaful Companies Enhance the Business Conduct of Takaful Companies Appropriate Distribution Channels

13 The Way Forward……. AAOIFI & IFSB need to update Takaful Standards and to Contribute to Development of Consistent Standards Proper Risk Management & Investment Framework Enhance the Public awareness of Takaful

14 Thank You