25 September 2014 Insurance

OAC breaks into takaful market

OAC Actuaries and Consultants has launched a takaful compliant model for Mo.net, its financial modelling software, as it looks to broaden its offering to include Islamic finance.

The new model is already being used in Malaysia to help develop insurance products.

Nigel Gardner, head of global sales for Mo.net, at OAC, said: “Developing a financial model in Mo.net that can be used for Islamic finance is a very significant step for us.  We are committed to helping takaful products become more accessible in the UK and international markets and we are excited to be at the forefront of these developments in Islamic finance.”

Globally Islamic finance is worth $1 trillion (£632 billion) and this is expected to double by 2016.

Cara Spinks, Consultant Actuary at OAC, added: “Alongside the UK government’s commitment to grow the market in commercial Islamic insurance, we believe there is enough appetite in the UK to make the takaful proposition potentially very successful.  The product would fit well within the mutual and friendly society sectors and we are aware of an increasing interest in this area.  OAC’s aim is to promote the accessibility of Islamic finance and work with companies to provide trusted consultancy and modelling capability for Islamic insurance products.”

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