Where there is more opportunity for growth is in the development of Islamic financial products. Takaful is a particular area where the UAE could lead the way. It will have to battle through structural problems that still exist, however, such as the general lack of popular understanding of shari’a-compliant products and the shortage of suitably qualified shari’a scholars.
In the second half of 2010, Salama and Aman accounted for AED329mn of the AED619mn growth from H110 in gross written premiums achieved by the listed Emirati companies for which reports were available. (Press Release)