IslamicFinance.de

The Saudi Arabian and Malaysian cooperative and Islamic insurance (takaful) markets are the only two that are seeing growth especially in new policies and profitability, according to the report 'Global Takaful Insights 2013' by Ernst & Young. Too many operators are pursuing an insufficient number of risks to increase their gross written contributions (GWC). The Saudi Arabian Monetary (SAMA) directed all insurance operators in the Kingdom to align with the cooperative insurance model. Saudi Arabia is the single largest Islamic insurance market in the world. Meanwhile, Malaysia has emerged as the world's largest family (life) takaful market, with a proven model and regulatory clarity. In the near to medium term, traditional growth markets, including Saudi Arabia, UAE and Malaysia, continue to ride on favorable market conditions and a young demographics structure, the report concludes.