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There have been concerns about the effect of declining oil prices on takaful in the Gulf Cooperation Council, mainly as governments in the region are expected to cut their infrastructure spending, reported Asia Insurance Review.
However, David Anthony, director – lead analyst at Standard & Poor's Corp., has said that the cuts in spending would have a modest effect on Islamic insurance in the region. This is because several takaful and retakaful firms are relatively new, with modest underwriting capacity.