Malaysian Islamic insurer Takaful Ikhlas is in talks to sell its products in the Middle East and North Africa (Mena), its chief executive was quoted as saying.
The funds are invested according to the sharia which avoids interest-bearing loans and gambling, pork and alcohol-related activities.
The company, a subsidiary of insurer MNRB Holdings, will apply for a licence to allow it to set up an international currency business unit, the head of Takaful, Syed Moheeb Syed Kamarulzaman, was quoted as saying by the Business Times newspaper.
"Only when these discussions become concrete and a proper business plan is developed, will an application to commence an international currency business unit be submitted to [central bank] Bank Negara," he said.
Global premiums in takaful, currently total about $2-3 billion and are expected to reach more than $7 billion by 2015, according to industry figures.
Under Islamic insurance, members contribute to a pool of funds which is used to indemnify participants who suffer a loss.