"Despite rising contributions (premiums), which Standard & Poor's Rratings Services (S&P) estimates grew at over 15 per cent in 2012, the UAE Takaful sector is not performing effectively for either the fund members, through generation of reliable fund surpluses for distribution, or shareholders, through generation of profits, says S&P.
“We see that overall, Takaful fund deficits are increasing, at least in the United Arab Emirates (UAE) and Kuwait, thereby eroding capital strength and ultimately weakening the sector's financial strength,” said S&P in a statement. “The continuing weak performance of the Takaful insurance sector, particularly in UAE and Kuwait, cast a shadow over proceedings at the World Takaful Conference held in Dubai earlier this year."
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