Business Blog

Relatively low level of Takaful (Islamic insurance) penetration in the Gulf Cooperation Council (GCC) is hurting the industry in these markets while favouring the growth prospects of other markets like Malaysia, according to global rating agency Standard & Poor's.

GCC's gross takaful contribution is estimated to reach around USD8.9 billion (AED32.6 billion) in 2014 from an estimated $7.9 billion in 2013, according to EY's [Ernst &Young] report, Global Takaful Insights 2014.

The International Islamic Trade Finance Corporation signed a deal for a revolving USD2 0 million facility to secure petroleum products imports for Comoros.

The International Islamic Trade Finance Cooperation signed a USD 45 million murabaha agreement with Turkish "Aktif Bank" as a line of financing aimed to support Turkish exporters.

Abu Dhabi Islamic Bank (ADIB) is offering investors low-risk exposure to global sharia-compliant stocks through a new 100% capital-protected note that tracks the Dow Jones Islamic Market Titans 100 index.

UAE district cooling services provider Empower secured USD 127.8 million financing from Dubai Islamic Bank.