UAE-based Methaq Takaful Insurance launched an online insurance platform, which enables application for motor insurance policies in the country at the ongoing ICT show Gitex in Dubai.
GCC insurance premiums to grow 20% over four years
Islamic finance industry needs consolidation
Al Madina Insurance Company has been granted in principle approval by the Capital Market Authority (CMA) recently, to be a full fledged Takaful company.
Milliman Launches First Global Family Takaful Report.
Ashar Nazim, MENA head of Islamic Financial Services, Ernst & Young, said: “If we continue with the 2009 growth rate of 31 percent or higher, we will clearly touch the $25 billion mark in 2015.
A new company, GNL Insurance, was launched in London which claims to be the “world’s first Shariah-compliant insurance broker to offer premium Takaful and Re-Takaful commercial risk solutions in the UK“.
“In 2011, the financial performance of family takaful operators will be higher than that of the conventional life insurers,” Vasilis Katsipis wrote in a study.
“We see the Islamic finance market as particularly important, with its current global value estimated at more than $1.1-trillion (U.S.),” says Cima’s John Willsdon. “Islamic finance is becoming much more prominent throughout the financial institutions of the world, rapidly growing from a niche industry to a mainstay of finance.”
By 2015, MAA Holdings would like to be a Takaful leader.
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