Takaful Insurance Market was valued at $24.85 billion in 2022, and is projected to reach $97.17 billion by 2030, growing at a CAGR of 14.6%.
Takaful is a sort of Islamic insurance in which members pool their funds to protect each other against loss or injury.
Takaful insurance is founded on sharia, or Islamic religious law, which outlines individuals’ responsibility to cooperate and protect one another.
Takaful policies, in general, cover health, life, and general insurance needs. Takaful insurance is mostly limited to Muslim countries due to its risk-sharing model philosophy.
In Muslim-majority nations, takaful insurance is the most common type of insurance. As a result, it is regarded as a critical factor in promoting market growth.
Furthermore, with Takaful insurance, investment earnings are dispersed among the participants, and premiums collected from members are repaid if no claims are made.
Takaful is a sharia-compliant insurance system in which members pool their resources to support one another in the event of a loss, damage, or theft. The goal of takaful is for people to work together, live in harmony, and protect one another from unforeseen events. Takaful policyholders make regular monetary contributions that are supervised and managed by a takaful management firm. Nonetheless, the excess money invested is used to make investments that assist policyholders achieve a bigger profit.
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Global Takaful Insurance Market: Segmentations
Key Players
- Abu Dhabi National Takaful Company PSC
- AIA PUBLIC Takaful Bhd
- AMAN Insurance
- AmMetLife Takaful Berhad
- Etiqa Family Takaful Berhad
- Etiqa General Takaful Berhad
- FWD Takaful Berhad
- Great Eastern Takaful Berhad
- Hong Leong MSIG Takaful Berhad
- Islamic Insurance Company
- JamaPunji
- Prudential BSN Takaful Berhad
- Qatar Islamic Insurance Company
- SALAMA Islamic Arab Insurance Company
- Standard Chartered
- Sun Life Malaysia Takaful Berhad
- Takaful Brunei Darussalam Sdn Bhd
- Takaful Ikhlas General Berhad
- Takaful International
- Zurich General Takaful Malaysia
- Zurich Takaful Berhad
Based On Distribution Channel:
- Agents and Brokers
- Banks
- Direct Response
- Others
Based On Type:
- Family Takaful
- General Takaful
- Motor Takaful
- Personal
- Third Liability Coverage
- Comprehensive and Optional Coverage
- Property and Fire
- Medical and Health Takaful
- Marine, Aviation and Transport
- Others
Based On Application:
- Personal
- Commercial
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Table Of Contents
- Introduction and Market Overview
- Executive Summary
- Trends, Outlook, and Factors Analysis
- Estimates & Historic Trend Analysis (2018 to 2021)
- Estimates & Forecast Trend Analysis, by Component
- Estimates & Forecast Trend Analysis, by Type
- Estimates & Forecast Trend Analysis, by Mobility
- Estimates & Forecast Trend Analysis, by Body part
- Estimates & Forecast Trend Analysis, by Treatment type
- Estimates & Forecast Trend Analysis, by Application
- Analysis and Forecast, by Region
- North America Takaful Insurance Market: Estimates & Forecast Trend Analysis
- Europe Takaful Insurance Market: Estimates & Forecast Trend Analysis
- Asia Pacific Takaful Insurance Market: Estimates & Forecast Trend Analysis
- Middle East & Africa Takaful Insurance Market: Estimates & Forecast Trend Analysis
- Latin America Takaful Insurance Market: Estimates & Forecast Trend Analysis
- Competitive Landscape
- Company Profiles
- Assumptions and Research Methodology
- Conclusions and Recommendations
Key Benefits for Smart Takaful Insurance Market:
- This study comprises an analytical depiction of the global smart Takaful Insurance market opportunity along with the current trends and future estimations to depict the imminent investment pockets.
- The overall smart Takaful Insurance market forecast is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed smart Takaful Insurance market analysis.
- The smart Takaful Insurance industry is quantitatively analyzed from 2022 to 2030 to benchmark the financial competency.
- Porters five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Key Trends Of Global Takaful Insurance Market:
Market Penetration Among Muslim Majority Countries:
Muslim majority countries such as the UAE, Saudi Arabia, Oman, Malaysia, and others, consider Takaful insurance to be an ethical way of insurance according to the Islamic law. These countries have a higher penetration of Takaful insurance as compared to the conventional insurance, as conventional insurance is considered unethical according to the Islamic law. Therefore, it is easier for the market players to increase penetration among the Muslim majority market. Furthermore, government initiatives toward Takaful insurance are helping the market to flourish in countries such as Saudi Arabia, Malaysia, and UAE. Thus, these factors are propelling the growth of the Takaful insurance market.
Lower Chance Of Financial Loss In Takaful Insurance:
According to the Islamic law, the premium collected should be pooled and used at times when the members face any kind of emergency such as medical issues, business losses, and others. Therefore, in case any such claim arises, the insured gets the required amount to cover the risk. In addition, in case no such claim is made, then the surplus amount is distributed among the members, unlike conventional insurance. Therefore, chances of financial loss are reduced drastically. These factors attract many new members to make donations in the Takaful insurance. As a result, this is a major factor boosting the growth of Takaful insurance market.
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