A flexible alternative: The cooperative model is a variation on takaful insurance with distinct advantages
While the rapid development of the global Islamic banking sector has generated plenty of media headlines in recent years, the growth of the takaful industry has attracted comparatively less attention. There are several reasons that can go some way to explain the relatively unheralded expansion of the world’s sharia-compliant insurers. For example, their aggregate asset base is considerably smaller than that of their banking peers, and the adoption of takaful in areas where Islamic banking is well established has been inconsistent, marked by a more





