Islamic Insurance based on the Shariah is now one of the fastest growing financial services industries worldwide. Arab Countries in general and United Arab Emirates in particular, are well poised for the growth & expansion of Islamic Insurance, given the fast growing economies and the desire of population to go for Shari’ah compliant insurance products.
Insurance is now one of the major sectors in the achievement of socio-economic stability. The 57 member Emirates Insurance Association sees the growth of the sector to double by 2010. Whereas the market is dominated by conventional insurance companies, we see that there is a strong un-satiated demand for Shariah-compliant products & services. Methaq Takaful Insurance Company was thus set up to cater to this un-satiated demand and contribute to the private sector’s efforts in the development of the Islamic insurance industry in the UAE & Arab countries.