Solidarity: "education" is key

The world's largest Islamic insurer says its biggest challenge is educating the public about the value of life insurance.

Sameer Al-Wazzan, CEO of Solidarity, the world's largest Islamic insurer by capital, says the Arab world functions as an extended family, where people rely on their parents, brothers and sisters as a safety net instead of taking out life insurance.

In Islamic insurance, or takaful, risk and reward are shared between the customer and the insurer, unlike in conventional insurance, where the insurer takes on all risk and receives a premium.