Takaful Insurance and Islamic Financial Services

Publication Date	September 2005
Publisher	Ian Youngman
Product Type	Report
Pages	260
ISBN Number	not applicable
Product Code	IYM00003

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£1,250.00
approximately: $1,821 | €1,443

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Summary

An investigation into the market and market potential for insurance, for the UK's 2 million Muslims, and ethical customers too.How it is inextricably linked with banking and mortgages.

Purpose of this report:

To investigate what is happening in the UK and the potential, for specialist insurance and other financial services for the 2 million Muslims here, and ethical customers

Who should buy this report

Banks, building societies, mortgage suppliers, insurers, reinsurers , investment banks in the UK and across the EU Providers and intermediaries supplying the individual and corporate Mulsim and ethical markets

Those advising banks and insurers

Analysts

Questions posed in this report:

Why is there potential in this market ?
Where is demand coming from ?
Who is offering or planning to offer products and services ?
What other products and services are they planning?
How does the ethical market provide extra potential?

Six key facts about Takaful Finance and Insurance

Takaful insurance has been quietly launched in the UK
New Takaful insurers are planned
Islamic finance and insurance is recognised as a one of the fastest growing areas of international finance today.
Greater world-wide awareness of this exciting sector means that new players and products are being continuously introduced, bringing new challenges and opportunities.
Banking, mortgages and insurance are inextricably linked
This sector needs new products and services, tweaking or branding existing ones is not good enough

Companies mentioned

Abc International/ Alburaq
Ahli United Bank
Ansar Finance
Bristol And West
Childrens Mutual
Creechurch
European Islamic Investment Bank
Friends Provident
Hsbc Amanah Finance
Halal Mortgages
Islamic Bank Of Britain
Lloyds Tsb Islamic Financial Services
New Takaful Insurance Company
Standard Life
United National Bank
West Bromwich
Winterthur Life

Content

1 General information
- Introduction
- Author information
- Overview of market
- Ethnic minorities
- How many Muslims?
- The need
- Islamic finance in the UK: early problems
- Glossary of Islamic terms
- Islamic finance
- Islamic financial services
- Market size
- Market potential
- Future growth
- Why enter this market and why now
- Distribution channels
- Retailers
- Ethical customers
- Marketing ideas
- Out of the box
- Ten years hence
- Shariah committee/board
- Promotion/ marketing
2 Takaful Insurance: UK
- An overview
- Problems with normal insurance
- The mutuals
- B individual takaful insurance
- Home
- Introduction
- What's wrong with standard products?
- Solutions
- Management
- Takaful in practice
- How the new Takaful Insurance works
- History
- Future development
- Market players
- Future market players
- C motor
- Introduction
- What's wrong with standard products?
- Solutions
- Future development
- Market players
- Future market players
- D travel
- Introduction
- Special cover
- What's wrong with standard products?
- Solutions
- Future development
- Market players
- Future market players
- E life
- Introduction
- What's wrong with standard products?
- Solutions
- Points on mortgages
- Government and regulators
- Future development
- Market players
- Future market players
- F health
- Introduction
- What's wrong with standard products?
- Solutions
- Problems remaining
- Future development
- Market players
- Future market players
- G personal pension
- Introduction
- What's wrong with standard products?
- Solutions
- Government and regulators
- Future development
- Market players
- Future market players
3 Commercial insurance
- A business insurance
- Introduction
- What's wrong with standard products?
- Solutions
- Market players
- Future market players
- B pension funds
- Introduction
- What's wrong with standard products?
- Solutions
- Problems remaining
- History
- Future development
- Market players
- Future market players
- C reinsurance
- General
4 Takaful outside the UK
- Introduction
- History
- Takaful insurance theory
- Takaful potential
- Takaful models in practice
- Ta'awuni model (cooperative insurance)
- Non-profit model
- Al mudharaba model
- Al wakala model
- Why not conventional insurance?
- Gharar - uncertainty
- Maisir - gambling
- Riba interests
- Risk control
- Takaful insurance in the gulf
- Banking partnerships
- Islamic insurance overview
- Introduction
- History
- Growth potential
- Consumer driven
- Reinsurance
- Life assurance
- The need
- Co-operatives
- Leading insurers
5 Personal banking/mortgages and investment
- An introduction
- Problems
- How do banks make money?
- History
- Solutions
- Problems remaining
- Government and regulators
- Future development
- Market players
- Planned market entrants
- B current accounts
- Introduction
- What's wrong with standard products?
- Solutions
- Problems remaining
- History
- Market players
- Future market players
- C savings accounts
- Introduction
- What's wrong with standard products?
- Solutions
- Variations
- Future development
- Market players
- Future market players
- D personal loans
- Introduction
- What's wrong with standard products?
- Future development
- Market players
- E mortgages
- Introduction
- What's wrong with standard products?
- Solutions
- Variations
- Problems remaining
- Differing use and ideas
- History
- Future development
- Regulation
- Market players
- Future market players
- The opposing view
- Comment
- F buy to let mortgage
- Introduction
- What's wrong with standard products?
- Solutions
- Variations
- History
- Future development
- Market players
- Future market players
- G right to buy mortgage
- Introduction
- What's wrong with standard products?
- Solutions
- Problems remaining
- Government and regulators
- History
- Future development
- Market players
- Future market players
- H child trust fund
- Introduction
- What's wrong with standard products?
- Solutions
- Problems remaining
- Government and regulators
- History
- Future development
- Market players
- Future market players
- I wealth management
- Introduction
- What's wrong with standard products?
- Future development
- Market players
- Future market players
6 Commercial banking and Commercial mortgages/ investment
- A business accounts Introduction
- What's wrong with standard products?
- Solutions
- History
- Future development
- Market players
- B charity accounts
- Introduction
- What's wrong with standard products?
- Solutions
- Market players
- Future market players
- C commercial loan /commercial mortgage
- General
- D real estate/ property investments
- Introduction
- History
- What's wrong with conventional products?
- The solution
- Problems remaining
- The future
- Market players
- Future market players
- E treasury services
- General
7 Introduction
- History
- The impossible has happened
- Training
8 Ethical customers
- General
9 Conclusions