The global Shariah insurance, or takaful, market grew 12% in 2016 , compared with 4% for conventional premiums, with 47% of the contributions coming from the Islamic Financial Services Board states, according to an 2016 report from the Islamic Financial Services Board . Despite the expanding market, the report noted that the sector is still small, with total contributions of $ US$25 billion . It says that amidst a challenging external environment brought on by the changing policy directions and uncertainties in the global economic landscape, institutions offering Islamic financial services have continued to grow and gain market share, particularly in their home jurisdictions. 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 Shariah insurance, or takaful, market grew 12% in 2016 , compared with 4% for conventional premiums, with 47% of the contributions coming from the Islamic Financial Services Board states, according to an 2016 report from the Islamic Financial Services Board . Despite the expanding market, the report noted that the sector is still small, with total contributions of $ US$25 billion . 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 .