DUBLIN--(BUSINESS WIRE)-- Research and Markets (http://www.researchandmarkets.com/research/5882v6/takaful_market_in) has announced the addition of the "Takaful Market in Malaysia 2014-2018" report to their offering.
The Takaful Market in Malaysia to grow at a CAGR of 19.14 percent over the period 2013-2018.
One of the major trends in the market is the increasing geographic expansion of Takaful providers in Malaysia. The increasing importance of Islamic banking also brings along opportunities for Takaful insurers. Geographically, Malaysia is one of the fastest growing Southeast Asian countries with a GDP growth of approximately 5 percent per annum in recent years. This has attracted Takaful agencies to promote and sell their products in this 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.
According to the report, one of the major drivers in this market is the rapid growth of the Malaysian economy. The country has a large Muslim population that is inclined to purchase products, which comply with Sharia principles. In fact, the non-Muslim population is also showing an inclination toward such products. The rapid growth of the Malaysian economy in turn increases the per capita disposable income of the population, which enables people to purchase Takaful insurance products.
Further, the report states that one of the main challenges in this market is the lack of awareness of Islamic banking and its principles among people. Since Takaful is a relatively new concept, many Islamic and non-Islamic segments of the country are not aware of Takaful products and their benefits.
Key vendors dominating this space include:
Other vendors mentioned in the report are:
Key Topics Covered:
For more information visit http://www.researchandmarkets.com/research/5882v6/takaful_market_in
Source: Research and Markets