The co-operative insurance sector in Arab countries has grown to $33 billion, with the six members of the Gulf Co-operation Council accounting for 25 per cent or $9 billion, according to a report.

The Islamic financing sector has grown by 15 to 20 per cent per annum since 2000 to reach $2 trillion by the end of 2015, said the state news agency Wam, citing a senior official.

An integrated part of the international financial system, the Islamic financing sector has been evolving since 1960 and now it includes banks, insurance and capital markets, remarked Dr Abdulrahman Al Hamidy, the director-general and chairman of the board of the Arab Monetary Fund (AMF).

He was speaking at the opening of a co-operative insurance summit organised in collaboration with the World Bank in Abu Dhabi, UAE.

The sector is expected to grow at a fast pace, especially due to increasing demand on its sharia-compliant finance services, Al Hamidy added.