The market for Takaful, or insurance based on Islamic principles, has recorded impressive premium growth rates and should reach more than $7 billion by 2015, Moody's Investors Service said in an analysis released today.
Growth rate has been about 20 percent in recent years, with total premiums of more than $2 billion in 2005, according to Moody's.
Moody's Special Comment, titled "Takaful: A Market with Great Potential," explains the key types of Islamic insurance, which comprise two main lines: general (non-life) and family (life), as well as the three main operational models: Al-Wakala, Al-Mudharaba and Waqf.
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