Islamic trade finance boosting GCC sharia-compliant reinsurance demand, says insurer

Posted On: Jun. 25, 2014 12:00 AM CST

Trade credit insurer Euler Hermes S.A. has said the demand for sharia-compliant reinsurance in the Gulf Cooperation Council region is increasing as Islamic trade finance in the region expands, Reuters reported.

Sharia-compliant trade credit insurance currently makes up around 10% of the insurer's overall GCC operations but regional CEO Massimo Falcioni said he "wouldn't be surprised if it was 40% of total business eventually" as there is "a lot of potential," Reuters reported.