MAS to facilitate growth in takaful industry

Compared to the $3.7 trillion in global premiums collected by the conventional insurance industry, the global takaful (Islamic insurance) industry is still small and has not yet penetrated retail markets. It generates just $2 billion worth of premium income a year, says Teo Swee Lian, deputy managing director for prudential supervision at the Monetary Authority of Singapore (MAS).However, with 133 takaful insurers already operating around the world, Teo notes the industry is set to ex…