Launch of the 8th Edition of World Islamic Insurance Directory records an increase in Takaful growth by 12%
Posted on: Apr 14,2014
The latest comparative figures for Takaful, collated by the World Islamic Insurance Directory (WIID) and released at the World Takaful Conference today (April 14th), show that while worldwide Islamic insurance contributions grew by 8% to US$ 19 billion in 2012, takaful business grew by 12%.
The WIID, published jointly by Takaful Re (TRL) and Middle East Insurance Review (MEIR), showed that Egypt, recorded the highest growth rate of 35% on the back of $98.2 million in contributions, while Saudi Arabia maintained the largest share of contributions in the GCC region with total contribution of 5.5 billion. The Directory also showed that Iran accounted for almost 43% of the Islamic Insurance total with GCC coming second with a 37% share in 2012.
In 2013 the total number of Islamic insurance operators worldwide rose to 206 versus 200 for year 2012. The GCC had the largest number of Islamic insurance operators, standing at 78, followed by the Far East (42) and Africa (38). By class, family and medical account for almost 39% of the takaful business while motor came in second with a 37% share. In Southeast Asia, the life and health accounted for a hefty 80% share.
The 8th WIID provides a snapshot of operators in the dynamic takaful arena, capturing key corporate information of the Islamic insurance companies, windows, and retakaful operators in nearly 30 countries.
About Takaful Re
Takaful Re (TRL) is a significantly capitalized Islamic reinsurance company committed to actively contribute to the growth and development of the Takaful industry in accordance with Shari’a principles. TRL has been consistently maintaining BBB ‘Stable’ long-term counterparty credit and insurer financial strength rating by Standards and Poor’s.
Takaful Re is registered in Dubai International Financial Centre (DIFC) number 0089 and regulated by the Dubai Financial Services Authority (DFSA).