The global Islamic insurance , or takaful , market grew 12 % in 2012 , compared with 10 % for conventional premiums , with 47 % of the contributions coming from Gulf Cooperation Council countries , according to an annual report from the Islamic Financial Services Authority . 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 challenges thrown up by fintech innovations such as blockchain .
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.