The pandemic continues to cause unprecedented disruption across industries worldwide.
Get detailed insights regarding the impact of COVID-19 on the market.
The Malaysia and Indonesia takaful market grew at a CAGR of around 9% during 2015-2020. Looking forward, IMARC Group expects the market to continue its strong growth during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Takaful stands for a shariah-compliant insurance system that is based on the Islamic concept of mutual sharing. It represents a mutual risk transfer arrangement in which the members contribute a sum of money to support each other in case of loss, theft, or damage. The takaful policy holders regularly contribute on a monetary basis, which is supervised and managed by a takaful management firm. Several Southeast Asian countries, such as Malaysia and Indonesia, represent a significant rise in the number of institutions offering Islamic financial services, such as takaful.
The rising implementation of the Life Insurance and Family Takaful Framework by several government bodies across Malaysia and Indonesia is currently propelling the market for takaful insurance. Furthermore, the growing popularity of sharia-compliant services based on the wide presence of the Muslim population in these countries is also driving the market growth. Additionally, the changing consumer inclination from commercial insurance services towards takaful insurance products as the former violates the restrictions on interest, uncertainty, and gambling principles which are outlawed in sharia, is further catalyzing the product demand across Malaysia and Indonesia. In line with this, several international insurance companies are introducing Islamic financial services to cater to the traditional beliefs and culture of the customers in these countries. Apart from this, numerous relaxations on foreign ownership rules along with the rising adoption of takaful insurance products among the non-Muslim population as an ethical investment policy, will continue to drive the market growth in Malaysia and Indonesia over the forecast period.
IMARC Group provides an analysis of the key trends in each sub-segment of the Malaysia and Indonesia takaful market, along with forecasts at the country and regional level from 2021-2026. Our report has categorized the market based on insurance type and distribution channel.
Breakup by Insurance Type:
Breakup by Distribution Channel:
Breakup by States:
The competitive landscape of the industry has also been examined with some of the key players being AIA Group Limited, Asia Capital Reinsurance Group Pte. Ltd. (Catalina Holdings (Bermuda) Ltd.), Etiqa General Takaful Berhad, Hong Leong Msig Takaful Berhad, MAA Group Berhad, Munich Re Group, Prudential BSN Takaful Berhad, Sun Life Malaysia, Syarikat Takaful Malaysia Keluarga Berhad and Takaful IKHLAS (MNRB Holdings Berhad).
|Base Year of the Analysis||2020|
|Segment Coverage||Insurance Type, Distribution Channel, Region|
|Region Covered||Malaysia (Johor, Kedah, Kelantan, Kuala Lampur, Labuan, Others),
Indonesia (Jakarta, East Java, West Java, Central Java, Riau, Others)
|Companies Covered||AIA Group Limited, Asia Capital Reinsurance Group Pte. Ltd. (Catalina Holdings (Bermuda) Ltd.), Etiqa General Takaful Berhad, Hong Leong Msig Takaful Berhad, MAA Group Berhad, Munich Re Group, Prudential BSN Takaful Berhad, Sun Life Malaysia, Syarikat Takaful Malaysia Keluarga Berhad and Takaful IKHLAS (MNRB Holdings Berhad)|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2499
Five User License: US$ 2999
Corporate License: US$ 3499
|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)|
REACH OUT TO US
Call us on
( US: +1-631-791-1145 )
( UK: +44-753-713-2163 )
( India: +91 120 433 0800 )
Drop us an email at