Sharia-compliant insurance grows at double the rate
Swiss Re says sharia-compliant “takaful” insurance is growing at more than double the rate of the conventional insurance market, the FT reports.
In 2007, only 4%, or $1.7bn, of the $45bn of insurance sold in Muslim countries was sharia-compliant, Swiss Re said.
Fitch, the ratings agency, estimated that in 2006 the amount of Islamic insurance sold throughout the world was $2.6bn, while HSBC’s Islamic banking arm, HSBC Amanah, in Saudi Arabia reckons that the Saudi market alone was worth SR10.9bn ($2.6bn) in 2008, up from SR8.6bn in 2007.
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The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
