The market for Takaful, or insurance based on Islamicprinciples, has recorded impressive premium growth rates and shouldreach more than $7 billion by 2015, Moody's Investors Service saidin an analysis released today.

Growth rate has been about 20 percent in recent years, withtotal premiums of more than $2 billion in 2005, according toMoody's.

Moody's Special Comment, titled "Takaful: A Market with GreatPotential," explains the key types of Islamic insurance, whichcomprise two main lines: general (non-life) and family (life), aswell as the three main operational models: Al-Wakala, Al-Mudharabaand Waqf.

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