Senior Director (Banking & Takaful) of Ernst & Young's Islamic Finance Global Centre of Excellence in Bahrain Adib Shakeel said going forward, there is great potential for the industry to grow further against external factors.
"Some of the obvious factors include developments in the opportunity markets such as Egypt, Libya and Sudan.
"Actually we want to talk more about other markets where political stability is less of an issue," he told reporters after the Islamic Finance News Asia Forum 2013 here on Monday.
He said the Islamic finance industry as a whole is now being seen as a global industry and continuing its global credentials.
"Family takaful has always been something that is being focused by industry players here with a lot to be learned for the rest of the world by looking at how that has happened in Malaysia.
"Obviously, on the general takaful side, there is much more room for growth within Malaysia itself. In most other markets, you will see general takaful is leading the industry, but here in Malaysia, it is family takaful," he said.
Shakeel said Malaysia has a very well developed capital market industry due to the strategic direction support from Bank Negara Malaysia, which in turn has been supporting the growth of the takaful industry as a whole.
"I think you will start to see acceleration of the general takaful line, personal and commercial. Of course, there are lessons by the Malaysian operators here for the rest of the world," he added.
Malaysia has emerged as the world's largest family takaful market, securing close to three quarters of its domestic market share.
Its proven operating models, young Muslim population and regulatory framework such as the Takaful Operating Framework 2012 have enhanced operational efficiency, ensured healthy and sustainable funding and promoted uniformity across business practices for operators.
(National News Agency Of Malaysia / 21 Oct 2013)
Alfalah Consulting - Kuala Lumpur: www.alfalahconsulting.com
Islamic Investment Malaysia: www.islamic-invest-malaysia.com