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International

Takaful firms pressuring local markets, says A.M. Best

February 05, 2013 Reprints

Vasilis Katsipis, general manager of market development for A.M. Best Co. Inc.'s MENA, South & Central Asia and Dubai units, said that the fast growth of takaful has increased competition for conventional insurers.

Mr. Katsipis noted that takaful companies' portfolios are very similar to those of a conventional insurer, reported CPI Financial.

Instead of competing with Shari'ah-compliant products for similar business, they must provide something new to add value, he said.

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Takaful firms pressuring local markets, says A.M. Best

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