Takaful Emarat has had a tough few years since its inception. Although not out of the woods yet, the firm appears to have reached a position of greater stability under Marrouche’s stewardship.

That the takaful industry is still in its infancy acts in the firm’s favour and it looks set for exponential growth in the years ahead. Total contributions to takaful insurance funds were about $7bn by the end of 2011, according to the UK’s Ernst & Young, which values the global market at $12bn, less than 1 per cent of the conventional insurance market.

Although still niche operators, takaful insurers have registered growth of about 20 per cent over the past few years. With the economies in Southeast Asia and the Gulf rebounding, takaful operators are likely to do well in the near future.

As the market grows, regulators will take greater interest in the extent to which sharia-compliant insurers do what they say, and Takaful Emarat’s decision to be a purely Islamic insurance company should help in this respect. Many takaful products on the market are offered by conventional insurers hoping to capture a share in a growing sector.

If the company can start returning a profit and Marrouche’s promise of high-quality service is maintained, Takaful Emarat could have a bright future.