Brunei urged to explore regional and global Takaful opportunities

Minarah MultiConsulting Ltd Consultant Juneid Manjoo (L) and Director Faizal Ahmad Manjoo (R) were two invited speakers for yesterday's Cresent Sdn Bhd workshop. Picture: BT/Amir Noor

Tuesday, June 12, 2012

BRUNEI should consider tapping into the international Takaful market by providing incentives for multinations to settle in the country and further develop the Sultanate's Takaful infrastructure and necessary expertise.

The director of Minarah MultiConsulting Ltd said that there are over 700 million Muslims in the far east to cater, providing a great opportunity for Brunei's Takaful industry.

Speaking on the sidelines of Cresent Sdn Bhd's Executive Training for Takaful Operators workshop yesterday, invited speaker Faizal Ahmad Manjoo elaborated on the International Monetary Fund's (IMF) statistics forecasting the market to quadruple in the next five years. In turn this could benefit emerging markets such as Brunei in understanding the importance of underwriting risks, according to Faizal.

"The risk industry is becoming more important with the aging population in the world and this is another area where we have to look into as this risk is going to be underwritten by a Takaful company which will send the risk to a re-takaful company to spread the risk," he said.

"So this is a vision we have in 30 years time where the aging population will start affecting the Muslim world as it is affecting China, Japan and the Western countries. So this way we got to be proactive and see in 30 years time and start sowing the seeds now."

Faizal also said that Brunei is able to adapt a 'combined choice of law' through the introduction of Syariah law. This has not been seen in many Western courts as they are reluctant towards accepting religious laws hence Brunei's advantage of potentially accommodating a 'mindset' in its future.

Faizal also spoke of Minarah MultiConsulting's interest of coming to Brunei and helping to develop its Syariah products.

"We believe working hand in hand with where the local people are to share our experiences and knowledge for the enhancement of the Islamic finance industry especially in the country," he said.The workshop will continue today at the Indera Samudera Grand Ballroom, The Empire Hotel & Country Club where some Takaful operators were invited to participate.The Brunei Times