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The global takaful market reached a value of US$ 27.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 49.8 Billion by 2027, exhibiting at a CAGR of 10.5% during 2022-2027. 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 refers to a sharia-compliant insurance system through which members mutually contribute a sum of money, so as to support each other in case of a loss, damage or theft. The objective of takaful is to cooperate, live harmoniously amongst the community and protect each other against uncertain mishaps. The policyholders of takaful contributes regularly on monetary basis which are supervised and managed by a takaful management firm. Nonetheless, the surplus amount invested is then employed for making investments which are helpful for earning a higher profit for the policyholders.
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Note: Values and trends in the above chart consists of dummy data and are only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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IMARC Group provides an analysis of the key trends in each sub-segment of the global takaful market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on product type.
Breakup by Product Type:
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Note: Values and trends in the above chart consists of dummy data and are only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Based on product type, the market has been segmented as life/family takaful and general takaful. Currently, general takaful dominates the market, holding the largest share.
Regional Insights:
On a geographical front, Gulf Cooperation Council (GCC) enjoys a leading position in the global takaful market as the region has a very large and affluent Muslim population. Other regions include Southeast Asia, Africa and Others.
Some of the leading players operating in the global takaful market include:
This report provides a deep insight into the global takaful market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the takaful industry in any manner.
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2021 |
| Historical Period | 2016-2021 |
| Forecast Period | 2022-2027 |
| 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$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| 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) |
The global takaful market was valued at US$ 27.6 Billion in 2021.
We expect the global takaful market to exhibit a CAGR of around 10.5% during 2022-2027.
The expansion of the Muslim population, along with the growing number of ethical investment policies,
is currently driving the global takaful market.
The sudden outbreak of the COVID-19 pandemic has led to the increasing adoption of various healthcare
policies that are being supervised by several takaful management firms.
Based on the product type, the global takaful market can be divided into life/family takaful and general
takaful. Currently, general takaful accounts for the majority of the total market share.
On a regional level, the market has been classified into Gulf Cooperation Council (GCC), Southeast Asia,
Africa, and Others, where Gulf Cooperation Council (GCC) currently dominates the global market.
Some of the major players in the global takaful market include Islamic Insurance Company, JamaPunji,
AMAN, Salama, Standard Chartered, Takaful Brunei Darussalam Sdn Bhd, Allianz, Prudential BSN Takaful
Berhad, Zurich Malaysia, Takaful Malaysia, Qatar Islamic Insurance Company, etc.
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