 Growth in Malaysian Economy Spurring Global Takaful Market: TechNavio ReportMalaysia accounts for 20 percent market share of the Global Takaful Market, second only to Saudi Arabia
By: TechNavio Takaful is a Sharia-compliant insurance product based on Islamic principles of mutual assistance. Malaysia is one of the leading countries in the global market, second only to Saudi Arabia, thanks to its recent rapid economic growth. Malaysia is one of the fastest growing Southeast Asian countries with a GDP growth of approximately 5 percent per annum. With a population of more than 24 million, the region is becoming an attractive prospect for Islamic insurance providers. According to TechNavio analysts, “in spite of being one of the fastest growing economies, Malaysia has a low insurance penetration of only approximately 11 percent, so there is a lot of room for the insurance industry to grow in this region.” This has attracted Takaful agencies hoping to promote and sell their products in the country. Bank partnerships, which present a new and readily available distribution channel, open up new opportunities for Takaful operators to write Sharia-compliant bancassurance products. Additionally, Malayan Banking Berhad (Maybank), the largest bank in Malaysia is one of the top vendors in the Global Takaful Market. Maybank operates through a wide network of over 2,200 offices in 20 countries, catering to 22 million customers. It had a market capitalization of US$77 billion and recorded revenue of US$1.84 billion in 2012. To determine the scenario for these vendors in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance. If you are interested in more information on this topic and our upcoming research on the Global Takeful Market (http://www.technavio.com/ About TechNavio TechNavio is a leading technology research and advisory company with a global coverage. We focus on emerging technology trends that can shape the market. We identify and explain these trends to our customers to help them take better decisions. TechNavio models the trends using a mix of quantitative and qualitative tools in its proprietary research methodologies. We build forecasts across market segments and geographies based on the trends identified. These forecasts and analysis are used to help our customers identify new and existing opportunities in their markets. We also help customers assess their competitive position in a changing market scenario. TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape of the Global Takaful Market and Takaful Market in Malaysia. Our analysts obtain the information using a combination of the bottom-up and top-down approaches, besides using in-house market modeling tools. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users. Decision makers and influencers in sales & marketing, strategy, product and R&D teams rely on research from TechNavio. We have a large and growing base of happy customers worldwide. Our customers include technology suppliers, end users, consulting companies, investment firms and research institutes. Founded in 2003, TechNavio has about 200 analysts globally. We cover more than 500 technologies across 80 countries. Our analysts are closely monitoring the market every day by talking to all the industry participants. We have proprietary databases that provide us with a complete perspective of the market. TechNavio develops over 2000 pieces of research deliverables every year. End
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