ICMIF's objectives in engaging the Islamic Insurance sector are to:
- Help the development of the sector utilising the experiences gained from the cooperative and mutual insurance movement over the last hundred years.
- Support the growth of individual takaful operators through dissemination of information and experiences and providing access to ICMIF member services.
- Assist existing takaful companies to understand and incorporate mutual and cooperative principles which are primarily policyholder representation in decision making and community involvement.
- Establish new cooperative and mutual based takaful schemes.
- Encourage the Federation’s members to look at the Muslim communities in their countries and serve them in their insurance needs.
- Provide access to microtakaful products for the low-income sectors of society.