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Mutual Insurance and Takaful in a
Changing World
Mutual Insurance and Takaful –
Tools of Financial Inclusion
Presented at:
World Bank / Segem, Istanbul, Turkey 12th November 2012
But in many cases, the problem is lack of insurance, particularly among the world’s poorest. Part of what keeps them in poverty is that their livelihoods are so vulnerable to natural disasters or other misfortune. Millions could be released from poverty traps by deeper and broader insurance markets. Financial Times 09/11/2012
Takaful and Financial Inclusion
Microfinance and Microtakaful
Technology
• Africa Case Study
New Zakat Model for Seed Capital
• Malaysia
• Indonesia
Subsidy Reduction Policies
• India, Bangladesh
• Iran, Egypt, Nigeria
Africa – Deserts and Forests
Africa - Internet Connectivity
Africa – Internet Backbone
Africa – Key Features
Mostly Rural Population
Rural 60%+ / Urban 40% -
Key Occupations
Agriculture and Animal Husbandry
Key Exports
Commodities
Oil
Minerals
Africa – Key Features
Average GDP / Capita US$1,000
Banked Population 20 – 30 %
Urban 40% +
Rural 10% -
Banking Facilities
1 Bank per 100,000 people
Capital Markets
Few and Rudimentary
Banking the Unbanked
Africa - Challenges Large Infrastructure Needs
Large unbanked population
Dominant Financing Requirements
Agricultural Finance
Commodity Finance
Export Finance
Microfinance
Africa -Innovations [1]
Delivery Methods
Overcoming Handicaps
Use of Mobile Phone Technology
Kenya and M-Pesa
Other Options
Africa Innovations [2]
Islamic Finance – Back to Roots
African Food Production Potential
Salaam [Spot Sale / Deferred Delivery]
Arbun [Deferred Delivery]
Modarabah [Risk Sharing Contract]
Original Agricultural Contracts
Easy to Adapt to African Requirements
Micro-Takaful Needs
Opportunities
Potential Market Size
Agricultural Finance
Microfinance
Microtakaful
Risk-Sharing Infrastructure Finance
Sustainable Finance
Ethical Finance
Takaful Resources
International Takaful Summit Archives
• www.takafulprimer.com
• ITS 2009, ITS 2010, ITS 2011, ITS 2012
World Takaful Reports
• http://www.ey.com/UK/EN/home/library
• WTR 2009, WTR 2010, WTR 2011, WTR 2012
Intercontinental Citystars Cairo Al Kahira (Cairo) Egypt
info@takafulsummit.com
18 – 19 February 2013
www.takafulsummit.com
Contact:
M Iqbal Asaria
Afkar Consulting Ltd
0208 861 2012
mia@afkar.com
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