The development of the Islamic insurance market is at a crossroads. Many big international companies have piled into Islamic insurance over the past few years. But according to Arthur White, partner at Oliver Wyman, companies that have entered the Islamic insurance sector face several challenges in order to advance their businesses to the next stage of development.

“Big international companies have now decided whether they want to be in this market or out of it. Many of the big names have established footholds. The real question now is how do they make it work,” says Mr White.