Sharia-compliant insurance grows at double the rate
Swiss Re says sharia-compliant “takaful” insurance is growing at more than double the rate of the conventional insurance market, the FT reports.
In 2007, only 4%, or $1.7bn, of the $45bn of insurance sold in Muslim countries was sharia-compliant, Swiss Re said.
Fitch, the ratings agency, estimated that in 2006 the amount of Islamic insurance sold throughout the world was $2.6bn, while HSBC’s Islamic banking arm, HSBC Amanah, in Saudi Arabia reckons that the Saudi market alone was worth SR10.9bn ($2.6bn) in 2008, up from SR8.6bn in 2007.
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