(MENAFN - Khaleej Times) Takaful House will be providing services in Takaful (Islamic insurance), whose worldwide contributions are set to hit Dh25.71 billion (7 billion) by 2010, beginning next month, bringing to seven the number of companies operating in this segment in the Middle East.
The company said Takaful premiums or contributions in the Arab countries are valued at Dh1.58 billion (431 million) while Iran has Dh3.02 billion (821 million), Dh2.89 billion (787 million) in Malaysia, Dh198.35 million (54 million) in the rest of Asia and Pacific countries and Dh18.37 million (5 million) in Europe.
Islamic insurance companies apply the surplus sharing principle, said Takaful House in a statement on Monday. It debuted early this month on the Dubai Financial Market and is offering 17 services including auto, fire risks and employment breaks Takaful, among others, as well as covering the consequences of riots and strikes.
Mohamed Musabbeh Al Neaimi, the company's board chairman, said the growth in the Islamic investment sector over the past 20 years and the increasing customer preference for Islamic financial products have prompted a number of international insurance companies to establish retakaful companies.
There are about 54 Takaful companies worldwide. Aside from the seven firms offering Islamic insurance, the Middle East has 53 other national and foreign companies engaged in traditional insurance business.