The company, launched in 2009, nearly doubled gross premium income in 2010, but growth should stabilize around 20 percent this year, said Parvaiz Siddiq.

“We’re planning a 20 percent rise in gross premium income in excess of AED200 million,” he said, adding that the competitive landscape remained challenging.

The UAE insurance market is extremely competitive, with nine companies providing takaful and over 50 firms providing conventional insurance, but Siddiq said he doubted there would be much takeover activity in the near term.

“In the UAE, I think consolidation may not happen,” he said.

“Companies here are small companies having small capitalization. With their small premium base they can still service their capital, so consolidation is difficult.”

Siddiq said Noor Takaful was currently focused on organic growth within the emirates rather than acquisitions.

Global takaful industry premiums are expected to reach $12 billion in 2011, up 31 percent from last year, according to a report by accountant firm Ernst & Young.