Assalamualaikum Warahmatullahi Wabarakatuhu
Malaysia, in less than 25 years, has succeeded in moving from a developing economy to a developed one. This has been achieved through the modernization of the country’s important economic sectors like energy, transport and communications accompanied by the development of industrial zones and tax incentives for investors in exporting industries. For the fifth consecutive year, Malaysia leads the Thomson Reuters’ Global Islamic Economy Indicator. Malaysia enjoys a top rank in Halal food and Islamic finance, despite having fewer engaged assets than Saudi Arabia, UAE, Turkey and Iran. This impressive performance reflects Malaysia’s robust Islamic economic environment based on a strong state’s support and encouragement.
Malaysia today is a well-structured global hub for Islamic finance. This is due to a developed financial ecosystem for Islamic financial products and services based on good quality assets, strong governance, and very high awareness in the Islamic finance sector.
With the rapid economic development of our country, there is also a need to be protected from new risks. This was well understood by the governing authorities and our country succeeded in becoming the world leader in the Takaful and Retakaful (Islamic insurance and reinsurance) industry. Today, the Malaysian Takaful market is considered to be the most developed internationally, with a good regulatory framework that promotes further growth of the sector.
Professor Dr Mohd Ma’Sum Billah is a Malaysian and a globally renowned Islamic finance scholar from King Abdulaziz University, Kingdom of Saudi Arabia. His internationally notable research team comprises Dr Christos Alexakis, a reputable Greek economist, and Mr Ezzedine Ghlamallah, a respected consultant originating from France specializing in the field of Islamic finance. Their team initiative in producing such a unique and specialized Encyclopedia of Islamic Insurance, Takaful and Retakaful is, I am confident, timely in benefiting the contemporary Islamic financial environment across the world.
Therefore, it is with great pleasure and immense pride that I write this Foreword for the Encyclopedia of Islamic Insurance, Takaful and Retakaful. I am convinced that this book will contribute to the development of the global Takaful industry in particular, InSya-Allah (swt).
Tuanku Syed Sirajuddin ibni
Almarhum Tuanku Syed Putra Jamalullail
His Royal Highness The Raja of Perlis
Istana Arau, Perlis, Malaysia