Global Takaful Market to Reach US$ 74.0 Billion by 2032, Propelled by Growing Awareness Among Consumers About the Importance of Insurance

December 18, 2023 | BFSI

The latest report by IMARC Group, titled “Takaful Market Report by Product Type (Life/Family Takaful, General Takaful), and Region 2024-2032,” finds that the global takaful market size reached US$ 33.6 Billion in 2023. Takaful is based on the principles of mutual cooperation, shared responsibility, and risk-sharing, all of which align with Islamic finance and ethical values. It provides insurance coverage in a manner that complies with Shariah or Islamic law. It is the establishment of a cooperative pool of funds contributed by participants, also known as policyholders, which are managed by a takaful operator, who acts as a trustee. When a participant faces a loss or damage that is covered under the takaful policy, funds from the pool are used to compensate them. It's important to note that takaful is fundamentally different from conventional insurance, as it operates based on risk-sharing rather than risk transfer. Additionally, it is guided by some principles, including Mudarabah, tabarru, wakalah, and shariah compliance. It offers various types of coverage, including life takaful, health takaful, and general takaful for assets and liabilities. Nowadays, takaful is gaining popularity in Muslim-majority countries and also in other parts of the world where ethical and Shariah-compliant financial products are sought after.

Global Takaful Market Trends:

The takaful market is primarily driven by the basis of Islamic principles, particularly the concept of mutual assistance and risk-sharing. It resonates with individuals seeking insurance solutions that are in line with their religious beliefs, which attracts a substantial portion of the Muslim population. In addition, the growing Muslim population is escalating the demand for Islamic financial products, including takaful. As more individuals become aware of their financial needs and risk management, the takaful market is influencing market growth. Moreover, governments in Muslim countries are recognizing the potential of the takaful market and offering supportive regulatory frameworks to create a conducive environment for takaful operators to grow and expand, thus representing another major growth-inducing factor. Besides this, they are offering numerous coverage options, including health, life, and general takaful, to meet the diverse needs of their customers, thus accelerating the market growth. Along with this, the growing awareness among consumers about the importance of insurance and the unique benefits of takaful with the implementation of educational initiatives by takaful companies and religious scholars are propelling market growth. Looking forward, IMARC Group expects the market value to reach US$ 74.0 Billion by 2032, exhibiting a CAGR of 8.9% during the forecast period (2024-2032).

Market Summary:

  • Based on the product type, the market has been bifurcated into life/family takaful, and general takaful. Presently, 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 exhibits a clear dominance 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product Type, Region
Region Covered Gulf Cooperation Council (GCC), Southeast Asia, Africa, Others
Companies Covered 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
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
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Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Takaful Market to Reach US$ 74.0 Billion by 2032, Propelled by Growing Awareness Among Consumers About the Importance of Insurance
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