According to the latest report by IMARC Group, titled " Takaful Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global takaful market reached a value of US$ 27.6 Billion in 2021. Takaful is a sharia-compliant insurance system that provides reimbursement or protection against losses to an individual or entity, which is generally managed and supervised by a takaful management firm. It was established in the fledgling Islamic community of Medinah, Saudi Arabia. It is a cooperative system wherein members contribute money into a pool system in order to safeguard individuals or properties against the risk of financial losses caused in an uncertain or contingent situation. It is based on the objective to live harmoniously in the community while cooperating and protecting each other against misfortunes.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Takaful Market Trends:
The global market is primarily driven by the increasing awareness regarding the benefits offered by the takaful insurance system among the masses. This has impelled the rising adoption of takaful across the globe, especially in Islamic countries, as it involves the distribution of surplus funds among members in an efficient manner. Apart from this, several initiatives undertaken by the governments of numerous countries for supporting and promoting the takaful insurance system are creating a positive outlook for the market. Moreover, various technological advancements, such as the rising integration of predictive analysis, blockchain technology and artificial intelligence (AI) with the takaful insurance systems, are favorably impacting the market growth. Other factors, including the growing Muslim population and the rising number of institutions that offer Islamic financial services , are further projected to create a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 49.8 Billion in 2027.
- On the basis of the product type, the market has been bifurcated into life/family takaful and general takaful. Currently, general takaful accounts for the majority of the total market share.
- Based on the regional insights, the market has been divided into Gulf Cooperation Council (GCC), Southeast Asia, Africa and others. Among these, the gulf cooperation council (GCC) region holds the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Islamic Insurance Company, JamaPunji, AMAN, Salama, Standard Chartered, Takaful Brunei Darussalam Sdn Bhd, Allianz, Prudential BSN Takaful Berhad, Zurich Malaysia, Takaful Malaysia and Qatar Islamic Insurance Company.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal