(Sukuk.net) Managing Director of Noor Takaful, Dr. Ahmed Al Janahi, said that Takaful, or Shariah compliant co-operative insurance, which is growing faster than conventional insurance worldwide by 35 percent, is expected to grow to be an $11 billion market by 2015, Khaleej Times reported.

Al Janahi said at the fourth Annual World Takaful Conference that the industry is poised to grow even faster in order to meet the needs of a huge emerging middle-class, since there is currently a very high percentage of Muslims who are relatively young, dynamic and aware of Shariah-compliant instruments.

He added that Takaful in the UAE grew by 70 percent in 2007, compared to the 41 percent growth of conventional insurance, and non-Muslims are increasingly opting for Shariah-compliant finance, including Takaful.

According to Al Janahi, there are more than 1.5 billion Muslims worldwide across 57 countries. The economies of the Organization of the Islamic Conference nations in 2008 amounted for $7.7 trillion, and if current ratio of insurance premiums is applied to world GDP, Takaful market potential is $150 billion.

CEO of the DIFC Authority, Nasser Al Shaali, commented that Takaful is one of the sectors within the industry that holds significant potential for growth. He added that over the last few years, Takaful has grown in profile as an alternative to conventional insurance and extended from a regional to a global industry.

It is worth noting that the fourth Annual World Takaful Conference is designed to address the core issues which would shape the future of the global Takaful industry, and the conference has drawn more than 300 industry leaders.
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