The global takaful industry has witnessed tremendous growth in the last decade, rapidly becoming an integral part of the mainstream financial system, with Saudi Arabia at the forefront, Ernst & Young executive said Wednesday at the opening of “The World takaful Conference: Asia Leaders Summit (WTC: ALS 2012)” at Hotel Istana, Kuala Lumpur.
South East Asia, particularly Malaysia, has been the nerve center of this dynamic and vibrant industry, added David McLean, Chief Executive of the World takaful Conference. Citing a recent report by Bank Negara Malaysia, he said the takaful industry “experienced a compounded average growth rate of 27 percent in terms of net contributions between 2005 and 2010.”
