Over the last fi ve years, the market share of the Indonesian Islamic insurance industry has increased steadily to 4.2% in 2012 from 2.13% in 2008, according to the latest available offi cial data. The increase is indeed relatively slow as compared to Indonesia’s Islamic banking industry, which has grown almost four times during the same period, and the issuance of government Sukuk, which has exceeded six times since 2009. Nonetheless the world’s largest Muslim majority nation still holds enormous Takaful potential. FAROUK ABDULLAH ALWYNI explores.
