Developing a Micro-Takaful Framework in Brunei Darussalam

There has been a very clear recognition over the last decade that Takāful is an alternative to Conventional Insurance. It has proven to be appealing to Muslim & non-Muslim policyholders; its ethical approach transparency risk sharing concept and surplus distribution all resonate well with the needs of today’s consumers. There are a few pioneering Takāful operators that have entered into the low-income market. Most notable would be those providers in countries where almost all the population is Muslim poverty is prevalent and the Takāful sector is established. While the interest in Micro-Takāful is increasing among Takāful operators experiences are still few and far between; affordable Micro-Takāful products with mutual principles at their core could certainly prove to be an important tool to increase access to insurance in many of the world’s least developed countries. Based on this concern this book therefore provides a new milestone for donors government & development agencies who have all been active in encouraging the growth of this sector. The results should shed some light on this new and exciting insurance opportunity to develop a Model to expand access to insurance