Global takaful premium likely to hit $20 billion by 2017: A.M. Best

A.M. Best Co. Inc.said that the global takaful premium is likely to hit $20 billion by 2017, reports Gulf News.

Majority of this increase would come from Saudi Arabia and Malaysia, said the rating agency.

"Given the huge global Muslim population, significant opportunities exist for takaful operators to provide sound financial protection in line with the consumers' religious sensibilities," said an A.M. Best official.

Takaful has struggled to take hold in Middle East markets in spite of its rapid growth on a global basis, said A.M. Best.

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