The COVID-19 pandemic and associated economic lockdown has impacted the livelihood of many people, especially those in the low-income group. The International Labor Organization (ILO) estimated that 1.6 billion workers in the informal economy have suffered massive damage to their capacity to earn a living. Additionally, the pandemic also creates a significant risk of business failures and more permanently scaled-back production, thereby transforming an immediate crisis into a medium to long-term dislocation of productivity, labor markets, and growth potential.
Takaful plays a critical role in ensuring that people and households stand ready to mitigate unexpected shocks, preserve their assets, and take productive risks. Takaful operators are also responsible for generating economic opportunities by investing capital over longer-term horizons in productive opportunities such as infrastructure development, which can create jobs, fuel growth, and encourage innovation.
As many countries make efforts to recover from the serious effects of the pandemic, this webinar will discuss the role of Takaful in providing adequate risk protection for households and business enterprises. There will also be a discussion on how the Takaful industry can support the required economic recovery.
If you have questions during the Q&A period, please ask them via the Youtube chat function. Note the Youtube link is accessible to both World Bank Group and external participants