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Bahrain-based Islamic insurance provider Solidarity has opened a customer service centre in the newly-opened KFH Automall.
The centre will offer family and general takaful or Islamic insurance products.
The customer service centre is part of Solidarity's expansion strategy within Bahrain, the company said in a statement yesterday.
Islamic financial instruments are fast becoming the preferred choice for non-Muslims not only as commercially viable alternatives but also in terms of product, cost and efficiency.
John Zinkin, the chief executive officer of the Securities Industry Development Corporation (SIDC), also said that although the Islamic capital market has grown rapidly, it has not yet to realise its full potential.
Bloomberg L.P. today announced that this weekend's edition of the BLOOMBERG TELEVISION(R) program Middle East Money Focus will be a special report on Islamic finance.
"Islamic finance is taking off," according to Bloomberg's Dareen Abughaida, host of Middle East Money Focus. "With the world's Muslim population at more than a billion, financial institutions are taking note, and taking action."
A report has been released by independent research and advisory firm - Financial Insights - an IDC company, which states that the development of Islamic Banking and Finance (IBF) in Asia/Pacific is growing at a fast pace.
Islamic banking and finance is likely to continue growing in the Asia Pacific region, but the real test of its sustainability will be how the system reacts to a major financial crisis, a report said Thursday.
The industry is set to develop its own identity separate from conventional banking as new Islamic financial products are rolled out, said the report by Financial Insights, a company under market research and analysis firm International Data Corp (IDC).
Islamic banking has now become part of the country's mainstream financial system and has the potential to generate the country's economic growth, said Prime Minister Datuk Seri Abdullah Ahmad Badawi.
In a written reply to Datuk Abdul Rahim Bakri (BN-Kudat) in the Dewan Rakyat, the prime minister said Islamic banking has cornered 12.2% of the domestic financial market with assets totalling RM133 billion. In the Takaful sector, it has cornered 6.1% of the market with assets worth RM6.9 billion.
Malaysia has effectively established itself as the regional, if not global, hub for Islamic finance, which has been seeing consistently double-digit annual growth globally with current asset under management valued at more than US$400 billion (RM1.38 trillion), said Financial Insights, an IDC company.
Sakana Holistic Housing Solutions BSC, an Islamic financial institution based in Bahrain has completed implementation of FLEXCUBE for Islamic Banking, for its mortgage financing operations.
Sakana is the fifth financial institution in the Middle East to use the universal IT banking solution for Islamic financing from i-flex Solutions Ltd.
Hamilton businessman Abdullahi Dayib, has set up his own company, Al-Haramain Islamic Finance, to offer New Zealand's first Islamic "mortgages".
He is a Muslim, whose religion bars conventional borrowing with interest payments, the Wall Street Journal reports.
Mr Dayib, who is Somali-born, said shariah, or Islamic law, deemed the payment or receipt of interest - known as riba - akin to usury.
The licensing of First Community Bank, which intends to roll out a complete array of Islamic banking products and services has stirred the financial sector with questions lingering over its viability.
First Community Bank represents some kind of rethink among policymakers who previously blocked a licence for the proposed Coffee Bank, which intended to specialise offering financial services to the agricultural sector, with its core sector being coffee.
