New Report Focusing on Islamic Insurance Market Growth with Trends, Analysis by Top Players - Allianz, AMAN, Salama Insurance, Prudential BSN Takaful Berhad, Standard Chartered Bank
Islamic finance has grown rapidly, with the trend expecting to continue. Although the concept has been around for much longer, Islamic finance only attained a formal status in Muslim-majority countries in the 1970s. Islamic insurance, where members contribute money into a pool system in order to guarantee each other against loss or damage. Takaful-branded insurance is based on sharia, Islamic religious law, and explains how it is the responsibility of individuals to cooperate and protect each other.
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