Takaful Potential in the UK and Europe
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The International Takaful Summit Masterclass 10 July . Norton Rose . London Takaful Potential in the UK and Europe Analysis of the Target Market
Transcript of Takaful Potential in the UK and Europe
The International Takaful Summit Masterclass10 July . Norton Rose . London
Takaful Potential in the UK and Europe
Analysis of the Target MarketAnalysis of the Target Market
Overview
Key Issues and Challenges
The Potential Target Market
Defining the Target Market
Experience of Takaful Provision to Date
Challenges – Regulation, Marketing, Technology,
Asset Management
Harvesting Low Hanging Fruit
Utilising Indigenous Platforms
Linking with SRI / Ethical Markets
The Potential Target Market
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The Potential Target Market
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Defining the Target Market
The UK Market
Over 2 million Muslims in the UK
Pakistan, Bangladesh, India, Iran, Iraq, MENA
50% + Born in the UK
50% under 25 Years of Age
Growing Female Education / Employment Levels
1,000 + Mosques
£500 Million + Homes with Islamic Home Finance
Scope for Hajj, Umrah & Foreign Travel
Linkages to Ethical & SRI Market
Defining the Target Market
The European Perspective
20 Million + Muslims
Geographical & Cultural Diversity
Majority North African & Turkish
Passporting – Not Simple
Extension to Turkey
Implications of the Arab Spring
Robust SRI and Mutual Traditions
Experience of Takaful Provision to Date
The Salaam Platform
Model – Motor Followed by Home ……
Technology and Marketing Outsourced
Product Launch Cycle Out of Synch
Technology Delays - Aggregators
Marketing Burden on One Product
Budget Overspend
Capital Depletion
Shareholder Reluctance to Put Additional Capital
Lessons
Experience of Takaful Provision to Date
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Experience of Takaful Provision to Date
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Challenges – Asset Management
Availability of Key Asset Classes
Asset Management and Role of Asset Classes
Regulatory Issues and Liquidity RequirementsRegulatory Issues and Liquidity Requirements
Liquid and near-Liquid Asset Classes
Equities and Property Classes
Bond Class and Access to Alternative Assets
Risk / Return Implications
Challenges – Asset Management
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Challenges - Marketing and Distribution
Reaching a Niche Audience
Branding and Education
Creating a Value Proposition
Growing Role of Technology
Cost Effective Marketing
Challenges – Marketing
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Challenges – Marketing
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Harvesting Low Hanging Fruit
Must Have Areas for Takaful
Mosques
Halal Food ShopsHalal Food Shops
Halal Restaurants
Islamic Home Finance Purchases
Hajj and Umrah Travel
Education and Health Packages
Harvesting Low Hanging Fruit
Potential Needs for Takaful
Changing Psychology of the Target Market
Second / Third GenerationSecond / Third Generation
Investment Linked Family Takaful
Pensions Provision
Education and Health Packages
Utilising Indigenous Platforms
Family Takaful Provision
Branding Life as Family Takaful
Mutual Provision in the UKMutual Provision in the UK
The Friendly Society Ethos
Potential Synergies
Access to Wider Market for Ethical Provision
Utilising Indigenous Platforms
Leveraging on Capital and Re-Takaful
Cost – Effective Provision in a Niche Market
Using Established Carriers
Leveraging on Global Re-Takaful Providers
Concentrating on Marketing
Linking with SRI / Ethical Markets
Creating Wider Target Market
Defining the Target MarketDefining the Target Market
Harvesting Low Hanging Fruit
Utilising Indigenous Platforms
Linking with SRI / Ethical Markets
