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Takaful market to grow faster than conventional insurance

Posted on 14 January 2010

From Business24-7.ae: Islamic insurance (takaful) is estimated to grow to $3.519 billion (Dh12.91) by the end of 2010 in the Gulf and the industry would grow at a faster pace than conventional insurance, while the compound annual growth rate (CAGR) is expected to be 16.1 per cent during 2009-2012 period, said a research report.

Tommy Trask, Executive Director and Head of Industry Research Services, Alpen Capital, said: “Favourable demographics, growth in organised savings, Islamic finance, regulation and increasing affluence would be key contributors to the growth in GCC’s takaful industry. It would grow faster than conventional insurance. Within the GCC, Saudi Arabia, UAE and Bahrain have been showing good growth.”………………………………….Full Article: Source

 
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