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| Source: Middle East Global Advisors. |
Blake Goud, Chief Research Officer of Middle East Global Advisors, said, "For over a decade, the World Takaful Conference (WTC) has connected the industry with insights about the state of and future for takaful. The Finance Forward Takaful Outlook Report 2016 will complement the insights that come out of the conference and provide takaful leaders with the key insights they need in order to make strategic decisions to capitalise on emerging opportunities."
According to the report, the Islamic insurance industry faces an uphill climb against severe competitive pressures with an added headwind coming from macroeconomic challenges. However, the forecast is brighter with takaful growing faster than the broader insurance market. Further, the report also identifies several areas where changes could accelerate growth.
Momna Saeed, Senior Research Analyst at Middle East Global Advisors added: "The takaful industry has exhibited impressive double digit annual growth over the last decade; however, it remains underdeveloped as compared to the overall thriving Islamic finance industry.
"The uniqueness of the report is that it combines current insights from takaful leaders - gathered from an extensive global survey of practitioners' - with robust analysis of the impact of the global economy on the regional takaful markets, as well as comparative analysis of various markets."
The report covers a wide variety of issues including pricing regulations and their impacts across various regions, the evolving role of actuaries, as well as key issues relating to human capital.
WTC 2016 is a two-day gathering of the global takaful industry taking place on 11 and 12 April at the Dusit Thani in Dubai, UAE. According to the convenors, the takaful industry is still at a nascent stage in its development although its growth has been rapid over the past seven years, with total assets doubling in the last five years.