The global takaful industry has witnessed tremendous growth in the last decade. The Ernst & Young World Takaful Report 2012, which was launched at the seventh Annual World Takaful Conference in Dubai last April, confirmed that global takaful contributions grew by 19 per cent to $8.3 bilion in 2010, out of which, the GCC contributed $5.68bn.
However, the GCC insurance landscape is still dominated by conventional insurers and regional takaful operators are facing stiff competition from established conventional players and foreign players entering the takaful market space………………………………………..Full Article: Source