Lloyd’s to develop Islamic insurance

The insurer hopes to enter Saudi Arabia, UAE and Malaysia

Lloyd’s is developing Islamic insurance products to expand into emerging markets where not as many people buy coverage.

The company has already opened an office in Dubai, and is working with other members of the Islamic Insurance Association of London to establish the U.K. as a hub for Islamic finance.

Lloyd’s plans to target Saudi Arabia, the UAE and Malaysia, and is in talks with the latter’s regulator. Islamic insurance is expected to be worth $20 billion by 2017.

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