GCC Takaful market to grow 10% annually

05 Sep 2010

(MENAFN) The Chief Executive Officer at Solidarity said that the Takaful market in the Gulf region is expected to grow by about 10 percent a year after very strong growth over the past four to five years, Reuters reported.

In Bahrain and across the region, takaful is outstripping growth in conventional insurance which in itself, as a fairly nascent industry, is showing strong expansion, he added.

Takaful is still well behind conventional contract and in Bahrain it accounts for around 10 percent of the market, but as takaful is growing faster that will change over time, he pointed out.

The industry is now growing just as Sharia-compliant banking and finance did over the past 10 to 15 years, ahead of the development in the insurance sector, he said.

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