(Sukuk.net - Khaleej Times) Noor Investment Group on Tuesday launched Noor Takaful to meet growing demand of Shariah compliant insurance products within the UAE & GCC region and take a slice of the global Takaful industry, which is estimated to be around $2 billion.

According to industry experts, the size of the insurance sector in 2007 was estimated around Dh15 billion in the UAE and the sector also witnessed 60 to 70 per cent growth in the same year. It recorded 25 per cent growth worldwide.

The move is in line with the company's strategy to capitalise on the flourishing GCC Islamic insurance sector, which has been anticipated to grow at a rate between 20-25 per cent per annum, according to independent industry experts.

Noor Takaful will offer Shari'ah compliant insurance products and services through Noor Takaful Family PJSC or Noor Takaful General PJSC.

The focus will be on the UAE as we are starting initially from four locations across the Emirates of Dubai, Abu Dhabi and Sharjah, Group CEO of Noor Investment Group Hussain Al Qemzi said on the occasion. The insurance market will improve in terms of competition as the UAE has big room for growth in this sector, Qemzi added.

"The launch of Noor Takaful comes at a difficult time in the global economy. However, this launch demonstrates our confidence in our local economy," Al Qemzi said.

Qemzi said, "Insurance sector's size is larger than banking in Western countries, but in this part of the world the case is different." Noor Takaful is starting business with Dh150 million capital (Dh75 million for Noor Takaful Family and Dh75 million Noor Takaful General). Deputy Group CEO Dr Ahmed Aljanahi said, "Dh150 million is enough to run business for two years and by the time we will enhance our customer base."
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