Takaful Market Overview, Global Trends, Share, Size, Growth, Region And Forecast By 2023

Global Takaful Market Report, Trends and Forecast Till 2023

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Report Description and Highlights

Report Description

Takaful Market Report By Product (Life/Family Takaful and General Takaful), Key Players, Region Over the past few years, the global market for takaful has been experiencing a healthy growth. This can be accredited to various forces such as evolving regulatory systems of developing regions and a rise in the population with Islamic beliefs.

Market Overview: According to the latest report by IMARC Group, titled “Takaful Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global takaful market reached a value of around US$ 19 Billion in 2017. Takaful is an Islamic insurance concept based on the principle of mutual sharing of risks. In this type of insurance, the participants pool in a specific sum so as to provide aid at the time of need and guarantee that the losses will be distributed equally across each member. In takaful, the amount of contribution is decided according to the personal circumstances of members and the type of coverage they require. Takaful insurance companies serve as an alternative to commercial insurance companies as the latter violate the restrictions on interest, uncertainty and gambling principles which are outlawed in sharia. Recently, there has been a rise in the number of institutions that offer Islamic financial services which have aided in the expansion of takaful across the globe.

Report Description and Highlights

Report Description

Countries in South East Asia have implemented the Life Insurance and Family Takaful (LIFE) Framework which is expected to spur various market activities and enhance the sustainability of the takaful industry in the longer run. Apart from this, there has been a rise in the awareness among Muslims regarding the monetary benefits offered by takaful insurance. This has encouraged foreign insurance companies to collaborate with takaful insurance companies, in turn, expanding their worldwide market reach. Moreover, the demand for takaful insurance products is also rising amongst the non-Muslim consumers as it is an ethical investment policy, with strong growth prospects and price competitiveness. Despite these growth-inducing factors, the global takaful market is being impeded by the current inability of insurers to retain consumers. As a result, the market value is projected to exceed US$ 40 Billion by 2023, expanding at a CAGR of 13% during 2018-2023.

Takaful Market Segmentation: Market Segmentation by Product • •

Life/Family Takaful General Takaful

The takaful market has been segmented on the basis of different types of products available for the consumers to choose from which include life/family takaful and general takaful. Presently, life/family takaful is the most popular type of takaful insurance.

Market Forecast

Sample Figure: Global: Takaful Market Forecast: Sales Value (in Billion US$), 2018-2023

184.3

191.7

199.3

207.3

2018

2019

2020

2021

215.6

224.2

2022

2023

Market Segmentation

Report Description

For more information, click here: https://www.imarcgroup.com/takaful-market Market Segmentation by Region • • • •

Gulf Cooperation Council (GCC) South East Asia Africa Others

On a geographical front, Gulf Cooperation Council (GCC) exhibits a clear dominance in the global takaful market, holding the majority of the share. This is the result of numerous takaful insurance companies operating in the region. The Gulf Cooperation Council (GCC) is followed by South East Asia and Africa.

Competitive Landscape: The competitive landscape of the market has also been examined with some of the key players.

• • •

Islamic Insurance Company JamaPunji AMAN

Market Segmentation

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Request for a sample report: https://www.imarcgroup.com/request?type=report&id=1027&flag=B • • • • • • • •

Salama Standard Chartered Takaful Brunei Darussalam Sdn Bhd Allianz Prudential BSN Takaful Berhad Zurich Malaysia Takaful Malaysia Qatar Islamic Insurance Company

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Report Description and Highlights

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