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Takaful takes root

Islamic insurance, which is based on the principle of co-operatively sharing risk, is fast gaining market share. This growth in the Islamic life business is creating a new distribution channel for Sharia-compliant structured products

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    • Shamillia Sivathambu
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Takaful, or Islamic mutual insurance, is fast taking off across the Middle East, Europe and Asia, creating what could be a new, lucrative distribution stream for sharia-compliant structured products. The wealth-management arm of HSBC Amanah Finance is so convinced of its potential that it has begun packaging products exclusively for takaful clients in Europe and southeast Asia, and has plans to extend the offering into the Middle East, starting with Saudi Arabia.

"Takaful clients will

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