Academic Writing 2014: Takaful (Islamic Insurance) Industry in Malaysia and the Arab Gulf States

The Arab Gulf States in the Middle East and some other countries in South East Asia particularly Malaysia havebeen the epicenters for the development of Islamic banking and finance, as the last couple of years have not onlywitnessed tremendous development in the Industry but also much attention had been given to it by experts andprofessionals to brainstorm on its future direction, whereas less attention had been given to the discussion on theIslamic insurance; otherwise known as takaful despite its overwhelming growth. This paper, in a comparativecontext, examines the growth and development of the takaful industry in Malaysia and the Arab Gulf States byoffering an insight into the challenges, prospects and future direction of the industry between these two fertilemarkets. It also examines the contributing factors to the growth and development of the industry in both marketsthrough the use of historical reports, corporate documentations and professional analyses to arrive at aconclusion that the future of the industry in those two regions is not only germane but lucrative as well.