IslamicFinance.de

Takaful is set to push up its annual growth from existing around 25 percent to stiffen competition with the conventional industry, as public trust is pouring into the Islamic insurance rapidly. There is, however, need to create mass awareness about the industry and its authenticity to increase the general public confidence, according to Head of Marketing Pak-Qatar Takaful Group, Syed Adnan Hasan. He said Takaful is expanding its client base as corporate sector, which is attaining its bigger share. However, there are some challenges the Shariah compliant insurance is facing to increase public response and dispel religious misunderstanding of insurance industry. Religious understanding about the Takaful among the public could help pave way for the industry's penetration. Takaful and conventional insurance practically achieves the same purpose but by starkly different means and that is the fundamental difference between the two. People still associate the feelings they have for insurance with Takaful and that is rather unfortunate.