By 2004, the total gross written premium (GWP) for takaful business (life and non-life combined) had grown to just under $1.4 billion.
Takaful Insurance Resources
Understanding Takaful Practice
Takaful originates from Arabic word Kafalah, which means "guaranteeing each other" or "joint guarantee". In principle, the Takaful system is based on mutual co-operation, responsibility, assurance, protection and assistance between groups of participants
Saudis invest in BIIH
Saudi Arabian investors have provided 50% of the $40m raised by British Islamic Insurance Holdings (BIIH), a UK based Takaful firm, in a private placement reported Arab News. The BIIH also hopes to raise $160m via an IPO with a similar amount via a second tranche at a later date taking the capitalisation to around $360m. Saudi businessman Abdul Aziz Hamad Al Jomaih, who has invested $4m, is the firm’s Chairman. (Source)
