EXPLORING GROWTH OF TAKAFUL MARKET IN PAKISTAN. Muhammad Kashif Siddiqee, ACA Joint Director - SECP
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1 EXPLORING GROWTH OF TAKAFUL MARKET IN PAKISTAN Muhammad Kashif Siddiqee, ACA Joint Director - SECP 1
2 2 THE NEED FOR INSURANCE All humans and/or Organizations inevitably are exposed to various types of RISKS ; Life Risk; Health Risk; Property Risk; etcetera These RISKS arise the need to mitigate these RISKS, throughout the human and/or organizational life; The most widely available mean to mitigate RISKS around the globe is INSURANCE
3 INSURANCE FROM ISLAMIC PERSPECTIVE 9/7/ The Council of Islamic Ideology (Pakistan) in1984, and the Grand Council of Islamic Scholars (Majamaal-Fiqh; Academy of the Organization of Islamic Conference) in 1985 delivered a majority decision stating that insurance is forbidden in Islam.
4 4 UN-ISLAMIC ELEMENTS IN INSURANCE All transactions undertaken by Muslims, including the purchase of insurance, should be shariah compliant and should avoid the following: Riba (payment/receipt of interest); Maisir (excessive risk taking); Gharar (uncertainty and unclear terms in contract); and Haram (investment in anything unacceptable and/or forbidden by shariah)
5 5 INSURANCE PENETRATION IN WORLD Name of Country Insurance Penetration (as a %age of G.D.P) Name of Country Insurance Penetration (as a %age of G.D.P) Pakistan 0.7% Australia 5.9% United Arab Emirates 2.0% Hong Kong 11.5% Saudi Arabia 0.8% Japan 10.1% Oman 1.1% China 3.8% Qatar 0.8% India 5.1% Bahrain 2.6% Korea 11.2% Turkey 1.3% United Kingdom 12.2% Iran 1.4% Thailand 4.3% Bangladesh 0.9% New Zealand 6% Indonesia 1.5% Taiwan 18.4% Kuwait 0.5% Singapore 6.2% Source: Arab Insurance Market Review 2011 and E&Y Global Insurance Outlook 2012
6 6 BRIEF FACTS No Muslim country falls amongst the top 10 countries of the world in terms of insurance premium volume. The top 10 insurance companies of the world are host to the non-muslim countries; No Muslim country falls amongst the top 10 countries of the world in terms of insurance penetration. The average insurance penetration in European countries in the year 2012 was 8.2%. The only Muslim country in Europe i.e. Turkey had the lowest insurance penetration amongst the European nations i.e. 1.3%, which is far below the average insurance penetration of Europe.
7 INSURANCE & TAKAFUL COMPARISION IN PAKISTAN 140,000 9/7/ GROSS PREMIUM IN Rs. MILLION 120, ,000 80,000 60,000 40,000 20, ,781 98,526 83,998 75,505 66,107 55, ,464 2,232 3, TIME Insurance Companies Takaful Operators
8 SHARE OF INSURANCE 9/7/2012 & TAKAFUL SECTOR IN PAKISTAN Takaful Operators 3% 8 Insurance Companies Takaful Operators Insurance Companies 97%
9 9 WAY FORWARD Highlight the need for takaful / insurance Comprehensive Training on Takaful Introduce custom made products Explore alternative channels of distribution Increase the reach of Takaful Strengthen the Capacity of takaful service providers
10 10 WAY FORWARD Highlight the need for takaful/insurance Comprehensive Training on Takaful Introduce custom made products Explore alternative channels of distribution Increase the reach of Takaful Strengthen the Capacity of takaful service providers
11 11 WAY FORWARD Highlight the need for takaful/insurance Comprehensive Training on Takaful Introduce custom made products Explore alternative channels of distribution Increase the reach of Takaful Strengthen the Capacity of takaful service providers
12 12 WAY FORWARD Highlight the need for takaful/insurance Comprehensive Training on Takaful Introduce custom made products Explore alternative channels of distribution Increase the reach of Takaful Strengthen the Capacity of takaful service providers
13 13 WAY FORWARD Highlight the need for takaful/insurance Comprehensive Training on Takaful Introduce custom made products Explore alternative channels of distribution Increase the reach of Takaful Strengthen the Capacity of takaful service providers
14 14 WAY FORWARD Highlight the need for takaful/insurance Comprehensive Training on Takaful Introduce custom made products Explore alternative channels of distribution Increase the reach of Takaful Strengthen the Capacity of takaful service providers
15 15 THANKS
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