Takaful transactions reach Dh2.3b

The UAE’s insurance market grew 12 per cent in 2014 to Dh33 billion, said Ibrahim Al Zaabi, director- general of the Insurance Authority. The number of companies providing these sharia-compliant services has reached 11. The director-general said that the investments made by 60 insurance companies reached to Dh40 billion in the year. He said that the Insurance Authority has issued new rules and regulations in order to organise Takaful insurance business. The rules organise the financial, technical, investment, and accounting functions of Takaful insurance companies aiming to protect the rights of stakeholders, from future risks, the minister said.