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Period Developments
2000s 2000: The first Takaful company - Wethaq Takaful - opened the doors for others to
enter in Kuwait;
2002: Lebanon–Al Aman Takaful established.
2002: IFSB inaugurated in Malaysia. IFSB issues global standards and guiding
principles for IFI.
2003: First Takaful company incorporated in Pakistan.
2003: The Kuwait National Takaful Company started its operations;
2003: Abu Dhabi National Takaful Co.P.S.C (' Takaful ') was established in the UAE.
2005: SAMA regulations for cooperative insurance supervision enacted.
2005: Bahrain Monetary Authority enacts rules for Takaful companies.
2005: Securities and Exchange Commission of Pakistan (SECP) issues Takaful Rules in
Pakistan.
2006: Three new TOs such as Ritaj, Al-Khalijiyah, and Al-Safat operators started in
Kuwait;
2007: Hannover re-enters the Re-Takaful market in Germany.
2008: Takaful launched in the UK with the establishment of Salaam Insurance.
2008: Methaq Takaful Insurance Company is a registered and licensed General Takaful
Company in the United Arab Emirates.
2008/9: Malaysian Re, Munich Re, Swiss re-enters the Re-Takaful industry in Malaysia.
2009: IFSB issues principles on Takaful governance (IFSB-8) and Shari'ah governance
(IFSB-10).
2009: The first Takaful company Neova Insurance started its operations in Turkey.
2010s 2010: IFSB issues principles on solvency requirements for Takaful (IFSB-11).
2010: Takaful regulation introduced in the UAE.
2010: Takaful launched in Brunei with the establishment of Takaful Brunei
Darussalam.
2011: Oman enters the Islamic finance sector following the lifting of decades-long
restrictions on Takaful.
2011: Takaful launched in Kenya with the establishment of Takaful Insurance Africa.
2011: Takaful launched in Palestine with the establishment of Al-Takaful Palestine
Insurance.
2012: SECP draft Takaful Rules allow window Takaful operations in Pakistan.
2012: London-based Cobalt, set up in 2012 to promote the growth of Takaful,
announces the development of a new Shari'ah-compliant insurance platform using a
syndication model to spread risk more efficiently.
2013: BNM issues a concept paper on the Life Insurance and Family Takaful for
Everyone (LIFE) framework. The offers cover, among others, operating flexibility,