The takaful market has grown rapidly, increasing from $29.54 billion in 2023 to $33.14 billion in 2024, at a CAGR of 12.2%. This growth is driven by Islamic finance expansion, rising awareness of Islamic insurance, government support, ethical responsibility, and Islamic banking partnerships. The market is expected to reach $51.75 billion by 2028, with a CAGR of 11.8%. Key drivers include the growing global Islamic finance industry, takaful product diversification, financial planning inclusion, affluent Muslim population rise, and international collaboration. Major trends include enhanced risk management, regulatory compliance, education campaigns, takaful expansion in non-Muslim markets, and innovations in wakalah and mudarabah models.
Major Driver In The Takaful Market
The takaful market experiences growth propelled by the large and increasing Muslim population. Followers of Islam, the Muslim population practices the concept of takaful, based on shared responsibilities as explained in Islam. In 2023, the World Population Review reported Islam as the second-largest religion globally, with over two billion followers. By 2050, Muslims are expected to outnumber Christians, and Indonesia houses the most Muslim people, comprising 86.7% of its population. The burgeoning Muslim population globally is anticipated to drive the takaful market forward, with market size values supporting this trajectory in 2023, 2024, and 2028.
Request A Free Sample Of The Global Takaful Market Report
Takaful Market Competitive Landscape
Allianz SE, Zürich Versicherungs-Gesellschaft AG, Securities & Exchange Commission of Pakistan, Standard Chartered plc, Gulf Insurance Group, The Company for Cooperative Insurance Tawuniya, Bupa Arabia, Howden Takaful Brokers Sdn. Bhd., Walaa Cooperative Insurance Company, Al Etihad Cooperative, SALAMA Islamic Arab Insurance Company, Allied Cooperative Insurance Group, Al Sagr Cooperative, Buruj Cooperative, Al Ain Ahlia Insurance Co, Qatar Islamic Insurance Company, Takaful Re Limited, AMAN Insurance Company, Islamic Insurance Company, Chubb Arabia Cooperative Insurance Company, Alrajhi Takaful, Takaful International Co Ltd., Abu Dhabi National Takaful Co, Noor Takaful Family PJSC, Alimna Tokio Marine Co, Prudential BSN Takaful Berhad, Syarikat Takaful Brunei Darussalam, Re-Takaful Company, Mediterranean & Glf Cprtv nsrnc nd Rnsrn, Arabia Insurance Cooperative, LIVA Insurance Co, Amana Cooperative Insurance Company
Key Takaful Market Trend
Product innovation is a key trend gaining popularity in the takaful market. Major companies operating in the market are introducing new products to sustain their position in the market. For instance, in April 2023, ETAP, a Nigeria-based insurance company, launched Takaful, which is the first digital car insurance product in Africa. Takaful is built around the Takaful Islamic insurance model, where users contribute to a pool to insure members against loss. ETAP manages the process, and at the end of a specific period, any surplus is redistributed to policyholders. ETAP is a digital insurance application that allows users to set up their car insurance in just 90 seconds.
Get The Full Global Takaful Market Report
Takaful Market Segmentation
The takaful market covered in this report is segmented –
1) By Type: Family Takaful, General Takaful
2) By Distribution Channel: Agents and Brokers, Banks, Direct Response, Other Channels
3) By Application: Personal, Commercial
By Geography:The regions covered in the takaful market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the takaful market in 2023.
The Takaful Global Market Report 2024 furnishes information about the global takaful market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
