Development of Takaful Insurance
Long time ago, the Mutual Insurance that was first created in the western World, was restricted to small groups like a group of people of one profession i.e.; goldsmiths, merchants, sailors…etc. But later on the rising need of great number of people to ensure their business and themselves proved the necessity of the Takaful Insurance.
the International Islamic Fiqh Academy issued Fatwa concerned in the permissibility of Cooperative Insurance as well as Takaful Insurance as a legitimate substitute of the Conventional Insurance. Then the first Islamic Insurance Company was established in Sudan in the same year.
Since then many Insurance Companies were established and flourished in the Islamic Countries.
Knowing that Islamic banks had the effective and distinguished role in funding and supporting Islamic Insurance Companies.
when the Global Financial Crisis has aroused and affected many Banks and International Financial Institutions. The Islamic Financial Institutions and Islamic Banks have succeeded in overcoming these Crisis and proved their efficiency in preserving the savings and manage it in a proper way.
Through the past years, The Islamic Insurance has grown and improved rapidly and nowadays there are more than 210 Takaful Companies in the World comparing to 195 companies in 2011, where 77 companies of them are in the GCC area, 40 companies in the far east, 36 companies in Africa.
The Takaful Islamic Insurance Market has enhanced in the world that now the subscriptions stands at 15 Billion Dollars, and it is expected to reach the 17 Billion by year 2017.
The scope of the mechanism of Islamic Takaful insurance Industry has been expanded as many Islamic Reinsurance Companies emerged in the world as well as many Islamic Financial Institutions emerged to be a companion to this Industry, the estimated contributions became over 30 billion dollars.