Despite ongoing, rapid growth in the Sharia-compliant insurance markets, Standard & Poor’s Ratings Services recognizes that operational issues remain commonplace in the sector. This generated some heated discussion at the International Takaful Summit, held in London on July 12/13, 2011. Standard & Poor’s views such discussions within the takaful (Islamic insurance) and retakaful community as understandable given that it is still a relatively new business sector. Nevertheless, we expect it will continue to grow rapidly, relative to the conventional insurance market, and become increasingly meaningful in overall scale in its target domiciles.
