The worst for the global Islamic insurance sector appears to be over, a top official said, emphasising that the industry needs to seek innovation to grow further. "We need to improve products and become more innovative to serve the needs of the industry by providing the right products at the right time," Shaikh Khalid Bin Zayed Al Nahyan, chairman of Salama, told in an interview.
Salama, the world's largest Islamic insurer, celebrated 30 years on Friday.

With equity and asset prices down, options are limited for investment income. However, Shaikh Khalid says opportunities are there even in the downturn. 

"There are opportunities even in an economic downturn -- even in real estate and equities. It's just the options are limited," he said.

Salama, which has seven subsidiaries in the Middle East and Africa, earned Dh68.05 million net profit in the first nine months of the year -- the toughest period in its history, down from Dh87.82 million in the corresponding period last year.

The company offers a bouquet of takaful services for the growing needs of Islamic insurance.

"The year 2009 has been an extremely challenging year for all of us as the insurance industry was hit along with other sectors. However, we see growth coming back and 2010 will be a year of growth," he said.