(MENAFN) The global Takaful premium is forecast to record a significant USD20 billion by the year of 2017, with a prime increase coming from Saudi Arabia and Malaysia, Gulf News reported.
Takaful is an Islamic insurance structure, which suffered a great lag in Middle East markets, excluding Saudi Arabia, in which a few key-dominant players are filling up the market and continually increasing.
The hindrances that Takaful are struggling with in the region are due to dull penetration rates into the market, which is in turn resulted by the low population and small economies such as Jordan and Lebanon.
"The key challenges that the global Takaful industry face are intense competition, depreciating profit margins, operating efficiency and scalability." the CEO of Dubai Islamic Economy Development Centre said.
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