The Islamic insurance market is now worth something in the region of $11 billion and is growing at a rate of 20 to 25 per cent a year, said financial experts.
Takaful International now has some BD210 million ($557 million) of the insurance market in Bahrain, representing 11 per cent of the total market and 52 per cent of the Sharia-compliant market.
In order to keep that business growing it has teamed up with the Bahrain Institute of Banking and Finance (BIBF) in a co-operation agreement to have its senior leadership and aspiring members of staff to train and obtain the Advanced Chartered Insurance Institute diploma, offered by the Chartered Insurance Institute.
The agreement was signed on Sunday by Takaful International chief executive officer Younis Al Sayed and BIBF director Garry Muriwai. It is the first of its kind in the insurance sector in Bahrain.
'The agreement aims at enhancing and developing staff professional skills and the company's human capital,' said Al Sayed.
'We seek to develop professional qualifications of our young leaders which support their practical experience. We are committed to developing our human resources not only for Takaful International but also for the betterment of Bahrain.
'Takaful International is fully committed to backing career development projects in the kingdom in support of the Economic Vision 2030.
'We are pleased to sign this agreement, which reflects Takaful International's interest in developing their employees. BIBF is the only organisation in the region which can directly support the insurance sector's requirements for the highest level of international professional qualifications,' he said.
'I am pleased to see the signing of this agreement,' said Chartered Insurance Institute regional director Mark Greenwood.
'We launched this course, which is international but tailored for local needs for the takaful market in 2009, with just 32 students. We now have 304 students in the Gulf and 800 globally, looking for a qualification of international standards with a local flavour.'