• Date: June 11^th, Tuesday, 2019 16:00-18:00
• Location: SNU Asia Center Room 406

This lecture will review the current state of Malaysia’s Takaful industry and its significance. Philosophy of Islam resembles great scope of brotherhood and mutual cooperation (ta’awun) and supports the shared responsibility of Islamic communities towards people in crisis. Takaful, an Islamic insurance, is based on the principle of contributory contract (tabarru’). The international market for Takaful is rapidly growing, especially in Asia-Pacific region and GCC region. The size of market for Takaful in 2017 set the record of 19 billion dollars, and it is expected to exceed 30 billion dollars in 2023. Malaysia is one of the countries that lead the market for Takaful. Malaysia’s Takaful industry is expanding on the basis of Muslims, who are 60% of the country’s population, the lead by the Malaysian government, and bancatakaful partnership. The expected prospects and result are the following. First, Takaful will play major role to raise awareness of insurance in Muslim nations where insurance products are banned by Sharia law. Second, the potential of the market for Takaful is infinite, considering a fifth of world populations are currently Muslims and its 60% are youth under 25. Finally, the potential of consumption by these many young Muslims are getting higher. The development of Malaysia’s Takaful industry will become a catalyst for an expanded world market for Takaful.