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Cybersecurity is a challenge to the Takaful sector. Meanwhile, in Saudi Arabia and the UK
(around 40% and slightly over 31%, respectively), the respondents affirm that FinTech
(InsurTech) is a challenge.
5) Shari'ah Framework . The fifth question of the survey solicited the opinions of the
respondents on the extent to which the current Shari'ah framework is a challenge to the
development of the Takaful industry. Four options were identified for the responses: Shari'ah
governance, Shari'ah standards, Shari'ah board and Shari'ah audit.
FIGURE 35: SHARI'AH FRAMEWORK (SURVEY RESULTS)
(A) Shari'ah Governance (B) Shari'ah Standards
(C) Shari'ah Board (D) Shari'ah Audit
Source: Authors
The majority of the respondents: over 50% inMalaysia and over 70% in Turkey agreed that both
Shari'ah governance and standards pose challenges for the Takaful industry. In Saudi Arabia and
the UK, over 40% and slightly over 20% of the respondents respectively affirm that Shari'ah
governance is a challenge. Meanwhile, in the UK, over 40% agreed that Shari'ah standard is a
challenge to the Takaful sector.
The majority of the respondents, over 55% in Malaysia, over 70% in Turkey and over 65% in
the UK acknowledge that Shari'ah board in their jurisdictions is a challenge to the Takaful
industry. Only 40% of the respondents in Saudi Arabia see it as a challenge. On the other hand,
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