Ernst & Young Says Global Islamic Insurance to Grow 31% in 2011
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Islamic insurance contributions worldwide will rise 31 percent to $12 billion in 2011 from $9.15 billion last year, according to a report by Ernst & Young MENA published today.
“Key takaful markets are characterized by low insurance penetration rates and comparatively high rates of economic growth, leading to a positive outlook for the sector as a whole,” Ashar Nazim, executive director and Islamic Financial Services Leader at Ernst & Young, wrote in an e-mailed statement. Saudi Arabia is the biggest market for Shariah-compliant insurance, followed by Malaysia and the United Arab Emirates, according to the report.