The global takaful industry continued to demonstrate a strong growth rate in 2010 at rate of 22.9% ($13.7bn) as compared to previous year ‘in year 2009 growth rate stands at 17.7% with total contribution value of $11.1bn’ according to the World Islamic Insurance Directory 2012. The Gulf Cooperation Council countries ‘GCC’ market contributed $5.7bn, Middle East ‘Non-Arab’ at $5.3bn and South East Asia ‘SEA’ contributions stood at $1.9bn.
Amongst the key markets, Malaysia, Indonesia and UAE achieved growth rates of over 24.0%, whilst Saudi Arabia saw its gross contributions increase by 9.7%. In 2010, growth in the GCC slowed to 16.3%, from a CAGR of 44.7% in 2004-2009, as the implementation of compulsory medical Takaful in Abu Dhabi and Saudi Arabia was completed earlier. (Press Release)