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AIG to enter Islamic insurance market

American International Group, the world's biggest provider of insurance products, has revealed that it will draft a new portfolio of products that comply with Islamic law, reports have suggested.

AIG is poised to become the latest in a growing band of western financial services firms to cater for Islamic clients by offering new bespoke policies that comply with Islamic Law.

According to reports, the US firm’s Enaya unit will draft and offer the new insurance products to customers in the Gulf region. Abdallah Kubursi, Enaya’s regional vice-president, told Reuters that coverage would be provided in the areas of health, auto and property insurance.

Mr Kubursi added that AIG wanted to tap into a bourgeoning market that is predicted to grow at a rate of 20% per year and which could be worth $15 billion by 2015.

AIG’s push into Islamic insurance will originate from its new office in Bahrain, followed by a wider rollout in North Africa and Asia.