Takaful insurance is growing 35% faster than conventional insurance worldwide, and is poised to become an $11 billion market by 2015. This information comes from Ahmed Al Janahi, managing director of Noor Takaful, at the 4th Annual World Takaful Conference, which opened in Dubai yesterday.
Many of the statistics mentioned come from Ernst & Youngs World Takaful Report 2009, which was unveiled at the conference. The report notes that global Takaful contributions have risen to $3.4 billion in 2007, as compared to $2.5 billion in 2006. Saudi Arabia, with contributions totaling $1.7 billion in 2007, and Malaysia, with $797 million, are the top two Takaful markets worldwide.
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