DUBAI (Bloomberg) - Premiums written by Islamic insurers may jump to a combined $15 billion within a decade from $2 billion in 2006, according to Ernst & Young LLP.

The Islamic insurance industry, or Takaful, is expanding by 20 percent a year and comprises 133 companies, Ernst & Young said in a statement posted yesterday on Dubai-based business Web site Ame Info.

"It is clear that there are significant growth opportunities for the Takaful industry, especially when the estimated global insurance premiums are as high as $3.7 trillion," Noor Ur Rahman Abid, managing partner for audit and assurance in the Middle East, said in the statement.

Financial products that comply with Islamic law have attracted more than $250 billion globally, increasing 24 percent annually over five years, Malayan Banking Bhd. said in December. The industry, born in the 1970s after a 12-fold jump in oil prices, is expanding into retail banking, debt issuance and insurance as record crude oil income enriches Islamic nations.