Home About Kuna Advertise Contact Us Kuna's Bureaus Services Term Of Use
Register Login
facebook Twitter Youtube rss
Sunderland beats Chelsea 2-1 in Britain's premier league      12 new Coronavirus patients reported in Abu Dhabi      Iran completes downgrading enriched uranium from 20 to five pct - Salehi      Three Civil Defense men wounded in Bahrain bombing      Russia to deliver more sophisticated gunships to Iraq in June      Air strike kills 13 suspected Al-Qaeda militants in Yemen      Four French journalists freed in Syria      Sabahi presents candidacy papers to PEC      Dynamite explosion kills two people, wounds three
  Economics
Takaful insurance forecast to boom globally -- academic
24/03/2012   |   11:31 AM | Kuwait News
تصغير الخطالشكل الأساسيتكبير الخط
Dr. Mahmoud Behbehani, professor of insurance and actuarial science at Kuwait University
Dr. Mahmoud Behbehani, professor of insurance and actuarial science at Kuwait University

By Fajr Al-Hajeri

(with photos) KUWAIT, March 24 (KUNA) -- Takaful insurance is forecast to post noticeable growth at the international level as part of overall development witnessed in sector of Islamic banking following eruption of the global debts crisis, according to an eminent Kuwaiti academic.
However, at the local level, this sector might "face a tsunami," unless the 2005 bill, issued by the National Assembly, was effected, and current status of the takaful insurance sector was altered, warned Dr. Mahmoud Behbehani, professor of insurance and actuarial science at Kuwait University, in an interview with KUNA.
Noting that the takaful (Islamic) insurance required a large market, unlike the one of Kuwait, Dr. Behbehani indicated at high demand for establishing new companies, due to mounting volume of installment payments from KD 90 million dinar per year to KD 180 million py over the past years.
Number of takaful and traditional insurance companies has risen from 15 to 28, and studies have shown that payments for such a company must be in the range of KD five million, so that it could continue and prosper.
He indicated at two approaches to tackle the sector; halting issuance of licenses to new companies to ensure success of the existing ones, or allowing launch of new ones for sake of boosting competition.
At the global level, companies have either established branches or are planning to set up subsidiaries, particularly in nations with large Muslim communities. Moreover, some conglomerates showed desire to acquire takaful insurance companies.
Dr. Behbehani affirmed that the Islamic form of insurance could be much more useful and beneficial for the insured, in case the takaful system is literally applied, where the client would turn into a share-holder.
This kind of insurance, which abides by the Islamic shariaa, is primarily intended to secure continuing income for the family, payment of debts of the deceased. The insurance is also intended for aid in cases of retirement, incapability of work and sickness, Dr. Behbehani said, indicating that the interest-based traditional system is replaced with the (Islamic) profit-sharing method. (end) fh.rda.rk KUNA 241131 Mar 12NNNN

 Print
  Email
 Save
Share
Share


Most Read Most Emailed  
1.   S. Sudan rebels seize oil-rich Bentiu
2.   Spanish king arrives in Kuwait
3.   Ban strongly condemns attacks on civilians, UN peacekeepers in South Sudan
4.   Kuwait's EPA, Hyundai Engineering mull environmental co-op
5.   Kuwait has world's largest palliative care center - Min.
6.   Korean PM arrives in Pakistan on 4-day visit
    Photo Gallery

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah

UN Secretary General Ban Ki-moon

Director of the Meteorological Department Mohammad Karam

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah

The Minister of Oil and State Minister of Parliament Affairs Ali Al-Omair

UN Secretary General Ban Ki-moon

Minister of Justice and Minister of Endowments and Islamic Affairs Dr. Nayef Al-Ajmi

HH the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah receives Chairman of the International Islamic Charitable Organization (IICO) and UN Secretary-General's Humanitarian Envoy for Kuwait Dr. Abdullah Al-Matouq
Publications

WEATHER
PRAYER
CURRENCIES
KUWAIT AIRPORT
    Calendar
About KUNA KUNA SERVICES USEFUL LINKS KUNA ARCHIVE KUNA PUBLICATIONS
Home
About Kuna
Advertise
Contact Us
Kuna's Bureaus
Services
Term Of Use
Read The Whole Newscast
Pictures (during the week)
FTP Service
KUNA training center
KUNA Reader
SMS Services
الكويت فى ذاكرة الأيام
Job Application
Careers
Arab News Agencies
International News Agencies
Governmental Institutes
Banks in Kuwait
News Paper
Local Companies
other useful links
Prayer Times
News Archive
Other News Services
Today In Kuwait's History
Events
Training Sessions
Videos
All KUNA right are reserved © 2012. This site is designed and published by IDS