The global Takaful Islamic insurance market has a surging compound annual growth of 15 percent and will total $7.39 billion over the next seven years, according to a consulting firm report.

Boston-based Celent said currently the Takaful market is a niche opportunity with the small number of vendors with Takaful experience reflecting this. But the sustained double-digit increase in premium in this market will see a commensurate increase in the next few years.

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