owned by their Special Purpose Vehicle, and (like conventional bonds), their holders have recourse to the originator if there is a shortfall in payments. The sukuk market began to take off around 2000 and as of 2013, sukuk represent 0.25 percent of global bond markets. The value of the total outstanding sukuk as of the end of 2014 was $294 billion, with $188 billion from Asia, and $95.5 billion from the countries of the Gulf Cooperation Council According to a paper published by the IMF, as of 2015 the supply of sukuk, fell "short of demand and, except in a few jurisdictions, issuance took place without a comprehensive strategy to develop the domestic market." Takaful (Islamic insurance) Takaful, sometimes called "Islamic insurance", differs from conventional insurance in that it is based on mutuality so that the risk is borne by all the insured rather than by the insurance company. Rather than paying premiums to a company, the insured contribute to a pooled fund overseen by a manager, and they receive any profits from the fund's investments. Any surplus in the common pool of accumulated premiums should be redistributed to the insured. (As with all Islamic finance, funds must not be invested in haram activities like interest-bearing instruments, enterprises involved in alcohol or pork.) Like other Islamic finance operations, the takaful industry has been praised by some for providing "superior alternatives" to conventional equivalents and criticized by others for not being significantly different from them. Omar Fisher and Dawood Y. Taylor state that takaful has "reinvigorate[d] human capital, emphasize[d] personal dignity, community self-help, and economic self-development". On the other hand, according to Muhammad Akram Khan, Mahmud El-Gamal, the cooperative ideal has not been followed in practice by most takaful companies—who do not give their holders a voice in appointing and dismissing managers, or in setting "rates of premium, risk strategy, asset management and allocation of surpluses and profits".El-Gamal, Islamic Finance, 2006: p. 170 In a different critique, Mohammad Najatuallah Siddiqui argues that cooperation/mutuality does not change the essence of insurance—namely using the "law of large numbers" to protect customers. As of the end of 2014 "gross takaful contributions" were estimated to be US$26 billion according to INCIEF (International Centre for Education in Islamic Finance). BusinessInsurance.com estimates the industry will reach $25 billion in size by the end of 2017. Islamic credit cards Sources dispute whether a truly shariah-compliant credit card has