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Sunday, 10 February 2008

Islamic insurance industry boom



Feb. 4 - Islamic insurance is expected to grow at 15 to 20 percent a year.

Ashraf Bseisu, the head of the Bahrain Insurance Association, says Islamic insurance, known as takaful, will maintain strong growth.

Bseisu, speaking at the Reuters Islamic Banking and Finance Summit in Manama on Monday, also says the industry, which right now has a big presence in Asia, is likely to become more evenly balanced between the Middle East and Africa, Asia and the United States.

In takaful, risk and reward are shared between the customer and insurer, while in conventional insurance the insurer takes on all the risk for a premium.

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