Takaful (Islamic insurance) is a form of cooperative insurance involving the allocation and spreading of risk. Its phenomenal growth in Malaysia, Pakistan and the Gulf States and its untapped potential in Indonesia, China and India have resulted in global insurance markets like the United Kingdom (UK) and Australia positioning themselves as leading conventional and Islamic financial centres. This article examines the takaful regulations in Muslim-majority jurisdictions where takaful is offered on a large scale, such as Malaysia, Bahrain, Pakistan, Saudi Arabia, the United Arab Emirates (UAE), Indonesia, Egypt, Brunei, Sudan and Iran, with respect to the core takaful principles of good faith, disclosure, non-misrepresentation, insurable interest, reciprocity in claims handling and the ensuing remedies. This, along with an analysis of the international takaful standards set by the_x000D_ Islamic Financial Services Board, will be benchmarked against Australia's and the UK's progressive_x000D_ insurance provisions in assessing the viability of harmonising takaful regulations amongst Muslimmajority_x000D_ jurisdictions.