Takaful started in Sudan in 1979 and is now being operated in more than 32 countries around the world and total number of operators has reached more than 200.
The global Takaful contributions have surpassed $8.3 billion. a 19% growth from 2010. Of these, the GCC contributed $5.68 billion and South East Asia contributions were $2 billion.
Saudi Arabia remains the largest Takaful market with contribution in addition to 52%, followed by Malaysia with $1.4 billion and UAE $818 million.
It is expected that a number of countries like Oman, Indonesia, Bangladesh, Libya, Egypt and Brunei will attract huge contributions.
Oman has recently issued 3 licences to Takaful companies and the draft law by Capital Market Authority (CMA) has been finalised, which allows only fully fledged Takaful companies to operate in the Sultanate with minimum capital of OMR 10 million.
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