DUBAI - With seven Takaful companies currently operating in the UAE and five new Takaful providers set to launch shortly, the Takaful industry in the UAE has witnessed remarkable growth over the last five years.
“The Takaful growth rates speak for themselves: the CAGR of the Takaful market in the UAE was 135 per cent from 2005-08 and this figure is set to increase,” Takaful Emarat general manager Ghassan Marrouche said at the 8th Middle East Insurex.
“Although Takaful is not a new concept, it’s currently going through a revival. However, we still have a long way to go. Takaful companies need to focus on increasing distribution channels and implementing innovative sales and marketing initiatives to drive success and ensure the sustainability of the business in the long-term.”