The Islamic "takaful" insurance market will be worth $US4.3 billion ($4.6 billion) within two years, an Ernst & Young report reveals.

The global takaful sector is growing an annual rate of 20% and could be worth as much as $US15 billion ($25.5 billion) by 2018, according to the survey.

[A report on the rapidly growing takaful insurance market is in the current issue of Insurance & Risk Professional.]