Islamic insurance market grows 12% led by Gulf nations
The global Islamic insurance, or takaful, market grew 12% in 2016, compared with 4% for conventional premiums, with 47% of the contributions coming from Gulf Cooperation Council states, according to an annual report from the Islamic Financial Services Board. Despite the expanding market, the report noted that the sector is still small, with total contributions of $25bn. The report also highlighted how mergers and acquisitions will change the industry and examines the legal, regulatory and shariah issues thrown up by fintech innovations such as blockchain.

The global takaful industry recorded a growth in contributions of 12% last year while conventional insurance premiums grew by 4%. Despite the high growth rate, takaful is by volume still a small industry with total contributions of US$25 billion and 305 takaful and retakaful operators and windows, according to the annual Islamic Financial Services Industry Stability Report 2017.