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145

assistance,

Takaful

must do more. This underscores the importance of

Takaful

operators to be accessible, empathetic, fast and reliable. Not just when selling,

but also when providing after-sales service and processing claims.

c.

The

Takaful

industry needs to be innovative and develop its own products rather

continuing mimicking conventional products. Furthermore, the industry should

move beyond retail consumer and should look at trade and entrepreneur

customers with diversification to another value chain in the production, not just

focusing on credit.

Finally, they added, for the

Takaful

industry to offer its potential that is yet untapped,

the industry has to have the right people with the right competence. Strong leadership

and quality talent are needed to steer the industry forward to reach greater heights.

Three experts from Turkey commented that the participation insurance premium

production in Turkey grew 6 times over the last 5 years reaching TRY 2.2 billion at the

end of 2018. In the same period, it increased its market share from 1.48% to 4%.

Although these developments are not sufficient, the experts elaborated, they are

promising for the future of the

Takaful

industry. The experts are optimistic that this rate

of growth will increase further with the development of legal regulations, attractive

incentives, education, and infrastructure. The experts cautioned that

Takaful

practice

started with good ethical and

Shari'ah

based principles and sincere purposes, but in

practice it has been converging with the conventional insurance. Such a trend if left

unchecked can erode public confidence in the long run in

Takaful

products. The three

experts suggest that countries and institutions applying

Takaful

should trust in the

system in every aspect and make the necessary legal, technical and technological

investments for the system to grow and develop on a solid foundation and they should

train enough human resources.

The three experts from Saudi Arabia are also optimistic that the future of the

Takaful

industry is bright and promising. They believe that it is growing and will expand its

market share and double its growth in the near future. They say

Takaful

is the reflection

of solidarity in a society and that its impact including the impact of

Re-Takaful

on the

economies of Muslim countries is huge if managed. The experts explained that the

‘Financial Sector Development Program (FSDP)’ initiated by the Kingdom is one of the

delivery programs towards the realization of Saudi Vision 2030. FSDP includes various

KPI’s which will spur the growth of the insurance industry in Saudi Arabia. The three

experts also cautioned that they see little progress if regulators do not give the

Takaful

industry what it deserves to sustain its growth.