Local Business

Takaful transactions reach Dh2.3b

Haseeb Haider
Filed on March 9, 2015

The director-general of the Insurance Authority said that the investments made by 60 insurance companies reached to Dh40 billion in the year.

Abu Dhabi — Islamic insurance or Takaful transactions grew to Dh2.3 billion at the end of 2014, while the number of companies providing these sharia-compliant services has reached 11.

“The UAE’s insurance market, which is one of the largest in the Arab world in terms of gross written premiums, grew 12 per cent in 2014 to Dh33 billion,“ said Ibrahim Al Zaabi, director- general of the Insurance Authority, at a seminar  in Abu Dhabi on Sunday.

The director-general said that the investments made by 60 insurance companies reached to Dh40 billion in the year.

He said that the Insurance Authority has issued new rules and regulations in order to organise Takaful insurance business, which is regarded as the first of its kind in the Arab world and the most comprehensive on the level of the Islamic countries.

Opening the conference, Minister for Economy Sultan bin Saeed Al Mansouri said that the initiatives have been taken to boost the insurance sector in the country.

The Insurance Authority took the initiative at the end of 2014 to issue rules organising the financial, technical, investment, and accounting functions of Takaful insurance companies, which aim to protect the rights of stakeholders, from future risks, the minister said. This development has given the UAE an edge in the Middle East in adopting the latest requirements of measuring the financial health of the insurance companies in line with the developed economies, the minister said.

Al Mansouri said that the authority is working to boost the Takaful insurance in the country as it has significant opportunities for growth.


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