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13 April 2024

Takaful growing at 20% annually

By Staff Writer



The global takaful (Islamic insurance) market is growing at 20 per cent per annum with the total value estimated to reach $7.4 billion (Dh26.5bn) by 2015, industry experts said.


They believe the total premiums written by takaful insurers will contribute approximately nine per cent of the world’s insurance market share by 2010. The Middle East market is reported to be growing at 15 to 20 per cent a year. More than 200 international and regional delegates will attend the third Annual World Takaful Conference to be held in Dubai on April 14-15.


Islamic Arab Insurance Company (Salama) General Manager Parvaiz Siddiq said: “The World Takaful Conference is an ideal platform to spread and educate the market about takaful. Its principles as awareness is still low in the Middle East.”


This year’s conference theme focuses on expanding the international market for Islamic insurance, product innovation and new growth opportunities.


The keynote address will be delivered by Nasser Al Shaali, Chief Executive Officer of the Dubai International Financial Centre.


Other market leaders partnering the takaful conference include FWU International, Solidarity, Takaful Re, Ernst & Young and British Islamic Insurance Holdings, among others.



The numbers



Will be the total estimated value of the global takaful market by 2015




The Middle East takaful market is reported to be growing by this every year