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TABLE 25: T ALENT DEVELOPMENT ISSUES AND POLICY RECOMMENDATIONS
No Issues Policy Recommendation Country Affected
4 4.1. Lack of Shari'ah
knowledge
Develop certificate and in-
house training programs for
the relevant Takaful
stakeholders [executives,
managers, agents and brokers]
Applies to all the four
countries
4.2. Lack of conventional
insurance knowledge
Develop certificate and in-
house training programs for
Takaful executives, managers
and Shari'ah board members
Applies to all the four
countries
4.3. Lack of adequate skills
in emerging technology
and product development
Develop certificate and in-
house training programs for
Takaful executives and
managers
Malaysia, Turkey and
Saudi Arabia
Enhancing collaboration
between the Takaful industry
and the academia
Applies to all the four
countries
Technical assistance from
relevant International Islamic
organizations
Applies to all the four
countries
Source: Authors
The need to build competencies on Takaful is also applicable to agents as they are also an
important component of the Takaful ecosystem. Third, greater collaboration with brokers and
bank partners is also imperative in supporting business growth, outreach and diversification.
To support the development of the Takaful industry, it is also important to have a strong and
dynamic industry association that is able to drive the strategic development of the industry,
establish best practices to which the industry players adhere to and represent the industry in
raising relevant industry issues and opportunities for deliberation with various stakeholders.
8.5. Takaful Business Sustainability
Takaful penetration in OIC countries remains low at a small percentage of the entire population.
Nevertheless, the growth opportunity for the Takaful industry remains promising, provided OIC
countries truly understand the value of protection to achieve household resilience and
sustainable economic growth. The Takaful industry will also continue to operate in a much more
competitive and challenging environment with rapidly evolving business and economic
landscape, including facing the effects of climate change.