Solidarity Family Takaful and Nexus will offer clients a Shari’ah-compliant wealth protection vehicle. Demand for Takaful products has increased sharply in recent months. In 2008, the global Takaful market was estimated to be worth $2.3 billion, with the Middle East region accounting for 46 per cent of total sales, according to the Bahrain Insurance Association. International growth of the Takaful market is at between15- 20 percent per year.
Nigel Watson, General Manager of Nexus Bahrain, said: “The Takaful market is becoming increasingly sophisticated in response to customer demand, providing an equivalent level of return to conventional financial products, as well as a high level of transparency and flexibility.”
The Takaful portfolio will include takaful products such as Education, Start and Retirement plans having protection, saving and investment features, as well as takaful pure term life and other Shariah-compliant protection plans.