Global Islamic insurance contributions surged 19 percent in 2010 to $8.3 billion helped by Saudi Arabia, the world’s biggest oil exporter, which made up more than half the industry, an Ernst & Young report said.
The six-nation Gulf Cooperation Council, which also includes the United Arab Emirates, Qatar, Bahrain, Oman and Kuwait, made $5.68 billion of Islamic insurance or takaful contributions in 2010, and South East Asia $2 billion, according to the World Takaful Report 2012 e-mailed today.
Growth in the GCC slowed to 16 percent in 2010 from an annual average of 41 percent between 2005 and 2009 as the implementation of compulsory medical insurance in Saudi Arabia and Abu Dhabi was completed earlier, it said.
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