Arab cooperative insurance sector grows to $33 bln: AMF chief

Source: Middle East Insurance Review | Apr 2017

The cooperative insurance sector in Arab countries has grown to US$33 billion, with the six GCC states accounting for 25%, or US$9 billion, according to media reports citing a senior official from the Arab Monetary Fund (AMF).

The Islamic financing sector grew by 15%-20% annually since 2000 to reach $2 trillion by the end of 2015, said Dr Abdulrahman Al Hamidy, Director-General and Chairman of the Board of the AMF, at the opening of a cooperative insurance summit organised in collaboration with the World Bank in early March.

An integrated part of the international financial system, the Islamic financing sector has been evolving since 1960 and now it includes banks, insurance and capital markets.

The sector is expected to grow at a fast pace, especially due to increasing demand of its Shariah-compliant finance services, Dr Al Hamidy said.

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