Islamic insurance to grow up to 40 percent: Reuters

By Jason Benham

DUBAI (Reuters) - The emerging Islamic insurance or takaful industry could grow at 30-40 percent annually in the next three to five years as more people switch from conventional to Islamic insurance, a senior executive said.

"I think the takaful industry is in a growth mood for two reasons," Noor Takaful's managing director Ahmed al-Janahi told the Reuters Islamic Banking and Finance Summit in Dubai on Tuesday.

"Every day, people need to insure and there is a departure from conventional insurance. A lot of people are switching," he said. "Growth is expected at 30-40 percent going forward as people in Muslim countries are switching from conventional to takaful."

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