ICMIF's objectives in engaging the Islamic Insurance sector are to:

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