Dubai: The global market for takaful (Sharia-compliant cooperative insurance) is set to surpass $8.8 billion (Dh32.3 billion) in 2010, Ernst & Young said in its World Takaful Report released at the fifth Annual World Takaful Conference of 2010 in Dubai yesterday.
Contributions grew by 29 per cent in 2008 to $5.3 billion. Saudi Arabia, with contributions totalling $2.9 billion in 2008, and Malaysia with $900 million are the top two takaful markets in the world.
Sudan is the most significant market outside the GCC and South East Asia, with contributions totalling $280 million in 2008.
Global compound annual growth rate for takaful for the period from 2005 to 2008 has been 39 per cent; the Levant region and Africa grew at 18 per cent, the Indian subcontinent at 135 per cent, South East Asia at 28 per cent and the GCC at 45 per cent. The UAE was the fastest growing takaful market in the world with a compound annual growth rate of 135 per cent from 2005-2008.
