Takaful and Re-Takaful

Islamic insurance (takaful) and re-insurance (re-takaful) are described by Financial Times writer Andrea Felsted.

"While most of the attention given to Islamic finance has centred on bonds and banking, Islamic insurance is fast gaining ground.

A raft of international insurers are piling into Islamic insurance - or takaful - to gain a foothold in this expanding market.

The principles of takaful are similar to those that underpin mainstream mutual insurance."

Currently the largest market for takaful is Malaysia, but there is recent growth of interest in takaful in the Gulf Cooperation Council (GCC) states.