"On awareness front, companies are making efforts but a lot more needs to be done. There is a need to promote takaful products." High asset risk exposure, the report added, is a bigger issue for the incumbents than for the more recently established takaful operators. "We expect investment profiles to change significantly over the coming years in response to the adoption of more sophisticated regulation with capital requirements based on both insurance, counterpart and asset risk exposures." Takaful players are comparable to their local conventional peers, but below their global conventional counterparts, Alpen noted in the report. "Good governance and transparency standards are a key requirement for most retail as well as institutional investors. According to the International Financial Corporation sound corporate governance practices increases valuations by 20-30 per cent, result in higher credit ratings and improves access to finance."