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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.
Market Summary:
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