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. The global takaful industry recorded a growth in contributions of 12% last year while conventional insurance premiums grew by 4%. In a sign that insurers are taking note of this trend, Allianz Global Investors said it is considering offering its own Islamic insurance product next year. 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 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. In a sign that insurers are taking note of this trend, Allianz Global Investors said it is considering offering its own Islamic insurance product next year. 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.