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Feb 2014 AIG has announced its forthcoming launch of a takaful reinsurance company, a subsidiary set to be opened in the first quarter of 2014, enabling the group to capture a share of the market of the emerging Islamic reinsurance.
AIG does not rule out the prospect of integrating direct Islamic insurance in case of successful operation. The group, whose sales growth rate ranges between 12% and 15%, is already operational in conventional insurance where it detains 4% of the market’s overall gross premiums, a status that prompted the group to be the country’s ninth insurer.