Dubai targets growth in Islamic insurance products
The CEO of the Dubai Islamic Economy Development Centre has said moves by the London market to embrace Islamic insurance products can only benefit the broader market.
Speaking at the Islamic Insurance Associations of London's (IIAL) Conference in Dubai Abdulla Mohammed Al Anwar said the provision of sharia or Takaful products was a vital part of Dubai’s plan to become the global centre for the Islamic economy.
He said the IIAL’s event was a further strengthening of the existing partnership between the UK and the UAE and he believed that the involvement of London in the Islamic insurance sector could only benefit local markets and customers alike.
He added while the growth in Takaful products was evident there was still more to do.
“I hope that we will see Takaful companies encouraged to go beyond the comfort zone in terms of the products they offer,” said.
He said there was a need for a growth in the provision of retakaful and other products such as microtakaful which provide access to insurance to those on low earnings.
Vincent Vandendael, Lloyd’s director of Global Markets, added that he hoped that the market will play a role in the growth of the number of London underwriters who will offer shariah compliant products in future.
He said the future may well see Lloyd’s work with coverholders who can market the products while the syndicates provide the capital in a way that meets the needs of the Islamic community.
