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What is the future of takaful? |
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It is envisaged that Takaful premiums could increase to around USD 7.4 billion in 15 years, a growth of around 20%. Insurance penetration in Muslim countries is amongst the lowest in the world. This is due to the strong extended family system and the interpretation of religious doctrine that has been widely misunderstood in the context of the financial protection. With almost one billion Muslims in the world, the potential market for Takaful insurance in Muslim and non-Muslim countries has yet to be fully tested.
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