Islamic insurance (Takaful) is flourishing all around the world alongside Islamic Banking. Its global market size has reached 12 billion USD whereas the number of Islamic Takaful institutions has exceeded to 350. These views were expressed by Muhammad Zubair Mughal, the Chief Executive Officer of AlHuda Centre of Islamic Banking and Economics (CIBE) at the inauguration of AlHuda CIBE's subsidiary "Takaful Consultancy Wing". The inaugurated was held by Justice (r) Khalil Ur Rehman, Shai'ah Advisory of AlBarkah Bank in the ceremony organized at the head office of AlHuda Centre of Islamic Banking and Economics. Captain Jamil Akhtar Khan, Ex Chief Executive Officer, Takaful Pakistan, Abdul Samad, the Shari'ah Advisory Bank of Khyber and other prominent personnel of Islamic banking industry attended the ceremony.
Muhammad Zubair Mughal said that though Takaful industry is prospering in the recent times; however it's also facing certain challenges which include: issues regarding re-Takaful, regulatory challenges, competition and lack of human capital. These issues can be resolved by employing effective strategies and through proper planning. Unfortunately, there is not a single institution in the world which can provide guidance to Takaful industry on the above mentioned issues. Hence, to overcome all these challenges and issues of Takaful industry, AlHuda CIBE established a Takaful Consultancy Wing. Its principle consultant will be Captain Jamil Akhtar Khan who is a renowned and notable personality of Takaful industry. He has the expertise on Takaful regulatory issues, establishment of Takaful companies and other related departments.
Captain Jamil Akhtar Khan said that Takaful Consultancy Wing will be an independent institution which will provide its services to other organizations for the establishment of new Takaful companies, research, advisory, training, re-Takaful, Shariah guidance and other Takaful related matters. It will be a distinguished institution because of its services. Justice (r) Khalil Ur Rehman said that Takaful industry was in need of such institution from a long time, so that services related to Takaful industry can be provided internationally in an efficacious way. He also said that Islamic banking and Takaful are interdependent; hence in order to strength the Islamic banking industry, Takaful industry has to be strengthened as well. He was confident that AlHuda will play a vital role in this regard.
.:: Takaful Consultancy Wing ::.
