The Islamic, or Takaful, insurance market will grow five fold over the next ten years, international banking group HSBC is predicting.

According to forecasts from the London-headquartered group, the market for Islamic compliant insurance will be worth $14 billion by 2015, five times what it is valued at currently, Bloomberg has reported.

Ajmal Bhatty, global head of Takaful at HSBC’s Amanah Islamic finance unit, has pointed to the great potential for growth in Islamic countries to make the bold prediction.

Speaking at the World Takaful Conference in Dubai, Mr Bhatty said insurance premiums paid in Muslim nations are equal to between 0.5% and 5% of gross domestic product. That compares with between 10% and 15% in developed markets, the Bloomberg report said.

Explaining HSBC’s forward strategy Mr Bhatty was quoted as saying that the first focus would be to promote Takaful insurance products to Muslims and then to non-Muslims as an ethical product class.