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Saturday, 16 February 2013

Takaful and Islamic banking flourishing all around the world

LAHORE: Islamic insurance (Takaful) and Islamic Banking is flourishing all around the world. Global market size of Takaful has reached to $12 billion and Islamic Takaful institutions have exceeded to 350. 

Muhammad Zubair Mughal Chief Executive Officer of AlHuda Centre of Islamic Banking and Economics (CIBE) said though Takaful industry was prospering in the recent times, however it was also facing certain challenges which included issues regarding re-Takaful, regulatory challenges, competition and lack of human capital.

These issues can be resolved by employing effective strategies and through proper planning. 

He said there was a need to develop the institution to provide guidance to Takaful industry. That is the reason AlHuda CIBE has established a Takaful Consultancy Wing to overcome all these challenges and issues.

Principle consultant of the wing will be Captain Jamil Akhtar Khan a notable personality of Takaful industry, he said.

Justice (r) Khalil Ur Rehman said Takaful industry was in need of such institution from a long time, so that services related to Takaful industry could be provided internationally in an efficacious way. 

He said that Islamic banking and Takaful were interdependent hence in order to strength the Islamic banking industry, Takaful industry has to be strengthened as well. Captain Jamil Akhtar Khan said Takaful Consultancy Wing would be an independent institution which would provide its services to other organisations for the establishment of new Takaful companies, research, advisory, training, re-Takaful, Shariah guidance and other Takaful related matters. app

(Daily Times / 16 Feb 2013)

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