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Takaful Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026
Market Overview:
The global takaful market reached a value of US$ 27.6 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 11% 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 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.
Global Takaful Market Drivers/Constraints:
- Takaful is rapidly gaining momentum, particularly in the Asia Pacific and the GCC region, owing to a large Muslim population. Muslims currently account for a fifth of the total global population and these levels are expected to further increase in the future.
- Another major driver of the market is that, in contrast to Western countries, the majority of the world’s Muslim population is young with 60% of this entire population being less than 25 years of age. Catalysed by rising levels of affluence, this large young Muslim population has the potential to represent a customer base for a fairly long duration if it is captured early.
- The penetration of conventional insurance is relatively low in affluent Muslim regions like the GCC. As a result, Takaful is perceived as a key instrument to raise insurance awareness and has huge opportunities in these countries.
- Catalysed by factors such as an ethical investment policy, strong growth prospects and price competitiveness, Takaful represents a strong business proposition and has a significant share of non-Muslim customers as well.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global takaful market, along with forecasts for growth at the global and regional level from 2021-2026. Our report has categorized the market based on product type.
Breakup by Product Type:
- Life/Family Takaful
- General Takaful
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:
- Gulf Cooperation Council (GCC)
- Southeast Asia
- Africa
- Others
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.
Competitive Landscape:
Some of the leading players operating 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
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 Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2020 |
| Historical Period | 2015-2020 |
| Forecast Period | 2021-2026 |
| 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$ 2299 Five User License: US$ 3399 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) |
Key Question Answered in this Report
We expect the global takaful market to grow at a CAGR of around 11% during 2021-2026.
The expansion of the Muslim population, along with the growing number of ethical investment policies, represent some of the factors catalyzing the global takaful market.
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 categorized 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, and Qatar Islamic Insurance Company.
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