The current market leaders could run into some challengers.
Bahrain-listed Takaful International Co. BSC  said it has signed an agreement with Hannover Retakaful  to increase its family takaful insurance coverage up to US$5 million per individual, aiming to improve its insurance services and portfolio expansions.
Takaful International's chief executive officer, Younis J. Al Sayed, said in a statement that the agreement would give the company higher capacity, especially in family takaful, which provides protection to individuals including savings schemes, children's education schemes, personal loan protection and individual income protection.
Mahomed Akoob, Hannover Retakaful's CEO, said he believes the agreement will extend both companies' cooperative relations. "We are glad to be a part of their expansions in respect of takaful portfolios and services," he said in a statement.
Prior to this agreement, Takaful International signed an agreement with Kuwait's Takaful International Company for Takaful Insurance, and with Qatar Islamic Insurance Co., to provide female-dedicated "Heya" (meaning "she") products in the Kuwaiti insurance market and the Qatar insurance market, respectively.
Established in 1989, Takaful International claims to be the first Islamic insurer in the Middle East region. It provides insurance coverage in line with the Islamic Shariah principles.
In December 2006, Hannover Re set up a wholly owned subsidiary Hannover Retakaful B.S.C., in Manama, Bahrain, for the underwriting of worldwide reinsurance in conformity with Islamic law.
(By Rebecca Ng, Hong Kong news editor: [email protected]