Dar Al Takaful eyes 40% growth

16/09/2012 07:26 AST

Dar Al Takaful, formerly known as Takaful House, is confident to achieve premium targets set for 2012 as it plans to introduce various products to target small and medium enterprises, travel, medical and institutional business to bring profitable volumes.

The Islamic insurance firm intends to grow by at least 40 per cent each year for the next two years. It has achieved an 85 per cent year-on-year growth in its premium business during the first seven months of this year.

"We achieved a gross contribution [premium] income of Dh46.81 million as at July 31, 2012, compared to Dh25.30 million in the same period last year. We are likely to reach around Dh75 million in 2012 and Dh100 million plus in 2013," Saleh Al Hashimi, managing director of Dar Al Takaful, told Khaleej Times in an interview.

In an extensive chat on the insurance industry, he said Takaful operators have to invest in Shariah-compliant investments, and typically, real estate, listed equities, short-term placements, sukuk and deposits are some of the investment vehicles.

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Khaleej Times