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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 OccupationsAgriculture and Animal Husbandry
Key ExportsCommoditiesOilMinerals
Africa – Key Features
Average GDP / Capita US$1,000 Banked Population 20 – 30 %
Urban 40% +Rural 10% -
Banking Facilities1 Bank per 100,000 people
Capital MarketsFew and Rudimentary
Banking the Unbanked
Africa - Challenges Large Infrastructure Needs Large unbanked population Dominant Financing Requirements
Agricultural FinanceCommodity FinanceExport FinanceMicrofinance
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
18 – 19 February 2013
www.takafulsummit.com
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