Bloomberg News

Indonesia Islamic Insurance Assets Reach $1 Billion in 2011

March 20, 2012

Indonesia’s Shariah-compliant insurance assets increased by 32 percent to 9.2 trillion rupiah ($1 billion) in 2011 from a year earlier, according to data from the Capital Market and Financial Supervisory Agency.

Islamic insurance, or takaful, has grown by 50 percent on average in the last five years, the agency said in an e-mailed statement today. Takaful is based on the Koranic principle of mutual support where policy holders contribute a sum of money to a fund managed by the company for use in the event of a loss by one of its members.

Malaysian insurers Mayban Ageas and Syarikat Takaful Malaysia Bhd. plan to expand in Indonesia to take advantage of the growth rate, the companies told Bloomberg this month.

To contact the reporters on this story: Yudith Ho in Singapore at yho35@bloomberg.net.

To contact the editor responsible for this story: Sandy Hendry at shendry@bloomberg.net.


Ebola Rising
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus