IslamicFinance.de

The Islamic insurance industry has developed remarkably over the last four years. Indeed, the number of Islamic insurance companies grew by nearly 73% between 2008 and 2010 (i.e. from 113 to 195), with these being based in more than 30 countries. Given its depth, the European insurance industry is an established and fully-equipped vehicle for the introduction of Islamic insurance operations. Furthermore, the European market is familiar with the concept of mutuality and cooperative insurance, which has many similarities with Islamic insurance. The regulatory reforms across Europe have helped to accelerate the expansion of Islamic insurance products and services in this region.