INDONESIA - TAKAFUL - Indonesia Islamic Insurance Assets Reach $1 Billion in 2011

www.bloomberg.com - 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.  (source)

INDONESIA - TAKAFUL - Mayban Ageas Ready to Enter Indonesia

en.indonesiafinancetoday.com - JAKARTA (IFT) - Mayban Ageas Holding Bhd, the largest Islamic insurer in Malaysia and a subsidiary of Malayan Banking Bhd (Maybank), plans expansion to Indonesia by acquiring an insurer because Islamic insurance market in Indonesia grows higher than in Malaysia. (source)

INDONESIA - TAKAFUL - Malaysian Islamic Insurers Eyeing Indonesian Market

www.thejakartaglobe.com - Malaysia’s biggest Islamic insurers plan to expand in Indonesia, taking advantage of industry growth that is almost three times the pace of their home market and increasing wealth in the world’s most populous Muslim country.

Mayban Ageas, the nation’s largest insurer, is considering an acquisition in Indonesia, chief executive Hans De Cuyper said in a March 6 interview. Syarikat Takaful Malaysia, the second-biggest, estimates its Indonesian unit will generate 50 percent of its profits, from less than 10 percent now, managing director Hassan Kamil told reporters in Kuala Lumpur on March 7, without giving a timeframe. (source)