Islamic insurance firms were called upon earlier this week to open the insurance market in the Gulf region and adopt innovative approaches to their products by the chairman of the Dubai Financial Services Authority.
Dr. Habib Al Mulla said that, "Insurance remains an important tool to reduce risk, and it is as important to emerging markets as it is to developed economies. Regulators must recognize that the modern takaful industry is still in its formative stages and many issues need to be resolved," according to Gulf News.
Mullah made the comments at the first World Takaful Conference in Dubai.
"It is important to encourage an open and dynamic market that allows for innovation, competition, and the highest standards of transparency and regulatory discipline” he added.
