Wealth Monitor published an article on the scope and growth of the Takaful industry in the UAE.
The global Takaful industry is witnessing fast paced growth, registering a double-digit CAGR of 14 percent, as per the Ernst & Young Global Takaful Insights 2014 report. Saudi Arabia, UAE and Malaysia are home to the top three Takaful markets in the world, and the UAE alone accounts for 15 percent of gross Takaful contributions in the GCC.
Takaful can be rightly referred to as the Islamic alternative to conventional insurance providing customers a cover against potential risks. For the UAE Takaful industry to realize its full potential, it’s important to start from the very basics. Therefore more awareness needs to be created about the Takaful industry among Muslims and non-Muslims alike.
Another area which needs work is busting the misconceptions that surround this concept. Many people often incorrectly assume that Takaful is reserved for Muslim consumers or there’s something lacking in the product, owing to its religious nature.
The UAE’s biggest car insurance aggregator, Souqalmal.com, offers UAE residents three Takaful options: SALAMA – Islamic Arab Insurance Company, Noor Takaful and Dubai Islamic Insurance & Reinsurance Company (Aman) with more providers in the pipeline. The aim is to provide users with a comprehensive range of products to choose from.
For full article go to Wealth Monitor