UAE Records Biggest Three-Year Takaful Rise

The UAE and India were the biggest growth markets for Islamic insurance during a three-year period, an Ernst & Young report has revealed. A 135 per cent compound annual growth rate for takaful was registered across the emirates and India between 2005 and 2008 – 100 per cent more than the 35 per cent increase experienced in Indonesia. Meanwhile, the Gulf recorded 45 per cent growth during the same period. According to the report, takaful contributions will exceed $8.9bn this year compared to $5.3bn in 2008.