United Arab Emirates – Mubasher: The UAE Insurance Authority (IA) has revealed that the number of Islamic insurance firms (takaful) grew by 11 companies, reaching a combined capital of AED 2.3 billion. Total investment of takaful insurance firms reached AED 3 billion by the end of 2014.

IA director general Ibrahim Obaid Al Zaabi revealed that the total number of insurance premiums in the UAE insurance sector reached AED 33 billion, a 12% growth in 2014 compared to figures from 2013.

Investments by insurance firms rose to AED 40 billion, whereas the total number of insurance firms operating in the UAE reached 60, Al Zaabi highlighted, adding that the number of companies operating in insurance-related activities reached 313 companies.

Al Zaabi affirmed the takaful insurance industry in the UAE has achieved a significant growth. This comes at a time when the UAE insurance market is considered the largest in the Arab world in terms of insurance premiums.