Takaful market at USD 23 billion in 2016
Tuesday, 07 11 2017, Category: Islamic Insurance, Country: World
A report of the “Arab Monetary Fund” clarified that the last years specifically from the beginning of year 2000 until the end of the last year of 2016 witnessed a strong growth of the Islamic products and services given an increase in the demand for these products. The banks including traditional banks have been keen on providing banking and non-banking financial services, which have an Islamic aspect.
The report showed that Islamic insurance services became an intrinsic part of the global financial system since its beginning in year 1960 and now includes banks, insurance companies and capital markets. This sector grew between 15% and 20% on an annual basis since year 2000 and reached USD 2 trillions by the end of last year.
Concerning Takaful insurance, the report indicated that the size of the Takaful insurance market reached USD 23 billion by year-end 2016.
Source: Al Alam Elyoum