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UAE: Takaful grouping in the pipeline

Source: Middle East Insurance Review | Jun 2015

Takaful operators are in talks with the UAE’s Insurance Authority (IA) to set up a dedicated association, even as calls are being made for such a grouping.
   “Takaful companies should have our own association since we’re different and younger than the conventional insurance market,” a senior takaful executive told Middle East Insurance Review. We are in dialogue with the IA on this and they are looking into it.”
   A report by Abu Dhabi-based Truth Economic Consultancy has called for takaful operators in the UAE to band together to set up a grouping which would champion their interests.
   Of the 60 insurers in the UAE, 10 are takaful providers.
 
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