RE-TAKAFUL IN THE MENA REGION: MARKET TRENDS, BUSINESS MODELS, AND SHARI’AH COMPLIANCE

Abstract

The aim of the study is to assess Re-Takaful business in the MENA region with reference to its market size and trends, growth and stability, business models, prospects, challenges, and Shari’ah-compliance issues. It also discusses the Takaful market in Qatar with special emphasis on the market size, the performance of Takaful operators, and the potential of Re-Takaful. The methodology employed includes mixed methods of research design, incorporating both qualitative and quantitative approaches. The study mainly depends on secondary statistical data which were collected from relevant sources such as financial reports, industry reports, and regulatory publications. The collected statistical data were analyzed using both qualitative and quantitative analysis techniques. The Takaful market in the GCC countries is a noteworthy and quickly rising industry. This dramatic surge is caused by enormous economic growth, significant Muslim population, and considerate regulatory atmospheres. There is an enormous demand for robust and reliable Re-Takaful operators to support the growth and expansion of the Takaful insurance business. The Takaful and Re-Takaful market in MENA has prospects due to advancing economic rudiments, supportive regulatory atmosphere, application of compulsory health arrangements, digitalization, and customer-focused approach, and increasing mergers and acquisitions, among others. The most critical challenges of Re-Takaful in the MENA region include but are not limited to inadequate capacity of Re-Takaful operators, fierce competition from the conventional reinsurance companies, lack of standardization, shortage of skilled human resources, limited investment opportunities, unresolved technical and Shari’ah issues, limited product innovation.

Date of Award	2024
Original language	American English
Awarding Institution	HBKU College of Islamic Studies