Credit rating agency Standard & Poor's (S&P Global Ratings) has predicted that the Takaful sector in the United Arab Emirates will grow between 15 and 20 percent in 2024.

According to Amac News: In the announcement of the credit rating agency Standard & Poor's S&P Global Ratings) it is stated that the Islamic insurance sector in the Persian Gulf Cooperation Council region will grow between 15 and 20 percent in 2024.
According to the announcement, the income of the Islamic insurance sector in the region of the Islamic Cooperation Council will be more than 20 billion dollars.
According to the forecast, Takaful companies in Bahrain, Kuwait, Oman and Qatar are expected to register a growth rate of 5 to 10 percent.
The Islamic insurance sector of the Persian Gulf Cooperation Council has seen annual revenue growth of 20-25% over the past five years, with the Saudi Arabian market being the main driver of this growth.
GCC Islamic insurers will benefit from several positive factors over the next 6 to 12 months, including continued favorable economic conditions leading to increased demand for insurance, thanks to continued investments in infrastructure projects, population growth and regulatory initiatives.
Overall credit conditions for Islamic insurers are expected to remain stable over the next 6-12 months, with mergers still possible as many small and mid-sized Islamic insurers continue to generate relatively weak profits.