Financial performance of general takaful companies
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Since its inception in 1979, the takaful industry has rapidly grown particularly in Muslim regions, namely the Middle East, North Africa and South East Asia. Presently, its double-digit growth rate continues though at a decremental rate. Quite the reverse, other components of the Islamic financial system (i.e. Islamic banking and Islamic capital market) maintain an incremental growth trend. In terms of Islamic financial assets, Islamic banking comes first in terms of both size and growth whilst takaful lags behind. Theoretically, within this system, general takaful products are complementary to the Islamic banking debt-based financing products that constitute the major share of Islamic banking offerings. For instance, home takaful and motor takaful provide shariah-compliantprotection schemes to murabahah home financing and vehicle financing, respectively. Yet, the global takaful industry is not growing in parallel with Islamic banking.
Takaful products , Takaful companies
Kantakji, Mazhar Hallak. (2017). Financial performance of general takaful companies. IF Hub, 6 (September 2017), pp. 28-29.
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