Key takaful industry booming in Bahrain

The takaful industry in Bahrain is booming as people are favouring Sharia-compliant insurance.

Takaful total contributions grew by 16.5 per cent to reach BD13.4 million ($35.6m) in the first quarter of the year compared with BD11.5m for the same period last year, according to the Central Bank of Bahrain (CBB).

But traditional insurance still took the largest share of the market, down slightly at BD43.3m in the first quarter compared to BD44.1m last time.