(MENAFN) The volume of global takaful business - a cooperative system of Islamic insurance that allows risk sharing rather than risk transfer - is poised to reach USD52.5 billion by 2020.
However, the future rate of growth of takaful sales is being inhibited by the relative under-development of insurance distribution channels in several emerging markets into which takaful is being launched.
Over the past 10 years, the number of takaful companies has climbed nearly four-fold, reflecting the growing global popularity of the sector and its increasing importance to the development of Islamic finance.
"There were a total of 224 global takaful operators as at 2012, with 101 new companies formed between 2006 and 2012 alone," said a report released at the 2015 Global Islamic Economic Summit in Dubai.
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