The GCC gross Takaful contribution is expected to reach nearly $8.9 billion in 2014, compared with an estimated $7.9 billion in 2013, Arab News stated citing EY’s latest report. According to the report, EY expected continued double-digit growth momentum of the global Takaful market of approximately 14% from 2013 to 2016. It also expects the industry to reach $20 billion by 2017.
This is against a backdrop of continued buoyancy in the estimated $2 trillion global Islamic finance markets.
The Gulf Cooperation Council (GCC) countries and Association of Southeast Asian Nations (ASEAN) markets are likely to maintain their current growth path in the next five years, subject to their economic growth, according to the report.
The global Takaful industry continues to gain market share across several high value rapid-growth markets, which still show significant untapped potential. Within the Gulf region, Saudi Arabia dominates the majority of the total gross Takaful contribution at 77%, followed by the UAE (15%). The rest of the Gulf countries make up just 8% of the gross Takaful contributions.
This is against a backdrop of continued buoyancy in the estimated $2 trillion global Islamic finance markets.
The Gulf Cooperation Council (GCC) countries and Association of Southeast Asian Nations (ASEAN) markets are likely to maintain their current growth path in the next five years, subject to their economic growth, according to the report.
The global Takaful industry continues to gain market share across several high value rapid-growth markets, which still show significant untapped potential. Within the Gulf region, Saudi Arabia dominates the majority of the total gross Takaful contribution at 77%, followed by the UAE (15%). The rest of the Gulf countries make up just 8% of the gross Takaful contributions.
Source:
Mubasher
