Global Takaful Market Report 2024

Takaful Global Market Report 2024 – By Type (Family Takaful, General Takaful), By Distribution Channel (Agents and Brokers, Banks, Direct Response, Other Channels), By Application (Personal, Commercial) – Market Size, Trends, And Global Forecast 2024-2033

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Description Table Of Contents Tables & Figures Market Insights Related Reports

Takaful Market Definition And Segments

Takaful refers to an Islamic insurance system in which members of a group contribute money to a pool system that can be claimed by a person who is facing damages or losses. This system is set up according to Islamic Sharia law and is useful for people who are in need of an insurance system.

The major types of takaful are family takaful and general takaful. Family takaful refers to a protection fund for the dependents of a deceased person. It is sold through various distribution channels such as agents and brokers, banks, direct response, and others and uses include personal and commercial applications.

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

The takaful market size has grown rapidly in recent years. It will grow from $29.54 billion in 2023 to $33.14 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to Islamic finance growth, rising awareness of Islamic insurance, government support and regulation, ethical and social responsibility, Islamic banking partnerships.

The takaful market size is expected to see rapid growth in the next few years. It will grow to $51.75 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to expanding global Islamic finance industry, diversification of takaful products, inclusion of takaful in financial planning, rise in affluent Muslim population, international collaboration and standardization. Major trends in the forecast period include enhanced risk management through data analytics, regulatory compliance and standardization, education and awareness campaigns, expansion of takaful offerings in non-Muslim markets, innovations in wakalah and mudarabah models.

Expanding Muslim Population Fuels The Takaful Market

The large and increasing Muslim population is driving the takaful market going forward. Muslim people are followers of the religion Islam and live upon the teachings of Prophet Mohammad. The concept of takaful is based on the ideas of shared responsibilities towards each other explained in Islam, and hence the concept is widely practiced by the Muslim population. For instance, in 2023, according to the Muslim Population by Country 2023 Report shared by the World Population Review, a US-based complex demographics data provider, Islam is the second-largest religion in the world after Christianity, with more than two billion followers worldwide. In fact, it is expected that by 2050, Muslims will outnumber Christians. Indonesia was the home for the most Muslim people, housing over 231 million people, which was about 86.7% of its population. As a result, the increasing Muslim population will propel the takaful market going forward.

The Surge In Importance Of Takaful Insurance Drives Growth In The Takaful Market

The growing importance of Takaful insurance is expected to propel the growth of the takaful market going forward. Takaful insurance is an Islamic cooperative insurance system that operates in compliance with Sharia principles, where participants contribute premiums into a common fund to support one another in times of loss or damage. Takaful insurance is beneficial in adhering to Islamic principles by providing risk coverage in a cooperative manner, where participants contribute to a common fund to support one another in times of need. For instance, in 2022, according to the Central Bank of the United Arab Emirates, a UAE-based financial institution, the gross subscriptions written by all Takaful insurance companies operating in the UAE accounted for $1.18 billion (Dhs 4.35 billion) in 2021. This represents a growth rate of 0.51% compared to $1.17 billion (Dhs 4.32 billion) in 2020. These subscriptions accounted for 9.82% of the gross premiums written in the insurance sector in 2021. Takaful health insurance is the largest Takaful insurance sector in the UAE, representing 43.6% of total underwriting in 2021. This was followed by assets and liability Takaful insurance activities at 38.3%, family Takaful insurance activities, and fund accumulation operations at 18.1%. Therefore, the growing importance of Takaful insurance is driving the growth of the takaful market.

Major companies operating in the takaful market report are 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

Pioneering Product Offerings Transform The Takaful Market Landscape

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.

Takaful Market Transforms With Innovative Offerings

Major companies operating in the takaful market are increasing their focus on introducing innovative solutions, such as digital takaful, to gain a competitive edge in the market. Digital Takaful products refer to insurance offerings based on Islamic principles that are distributed and managed through digital platforms. For instance, in August 2023, Ouch!, a Malaysia-based insurance company, launched a digital takaful product, Pusara Pro, in Malaysia. Pusara Pro is a simple-term life product that provides participants with a death benefit of up to $120 million (RM500,000). It is an all-digital product that can be directly purchased, viewed, and serviced via the Ouch! mobile app. The app also serves as an educational takaful/insurance tool for younger Malaysians, with features such as a coverage calculator and a referral program for all participants to earn rewards.

Dar Al Takaful And National Takaful Company Join Forces In Merger To Enhance Market Presence And Technological Offerings

In July 2022, Dar Al Takaful, a UAE-based takaful insurance company, merged with the National Takaful Company. The merger will strengthen both companies’ positions in the insurance market and allow them to develop technologies that will improve their offerings. The National Takaful Company is a UAE-based takaful insurance company.

Asia-Pacific was the largest region in the takaful market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global takaful market during the forecast period. The regions covered in the takaful market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the takaful market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The takaful market includes revenues earned by entities by providing services such as insurance and guidance, consultation, and claim settlement. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The takaful market research report is one of a series of new reports from The Business Research Company that provides takaful market statistics, including takaful industry global market size, regional shares, competitors with a takaful market share, detailed takaful market segments, market trends and opportunities, and any further data you may need to thrive in the takaful industry. This takaful market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Takaful Market Report Scope
Report AttributeDetails
Market Size Value In 2024 $33.14 billion
Revenue Forecast In 2033 $51.75 billion
Growth Rate CAGR of 11.8% from 2024 to 2033
Base Year For Estimation 2023
Actual Estimates/Historical Data 2018-2023
Forecast Period 2024 - 2028 - 2033
Market Representation Revenue in USD Billion and CAGR from 2024 to 2033
Segments Covered 1) By Type: Family Takaful, General Takaful
2) By Distribution Channel: Agents and Brokers, Banks, Direct Response, Other Channels
3) By Application: Personal, Commercial
Regional Scope Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Country Scope Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa
Key Companies Profiled 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
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    Table Of Contents

    1. Executive Summary

    2. Takaful Market Characteristics

    3. Takaful Market Trends And Strategies

    4. Takaful Market - Macro Economic Scenario

    4.1. Impact Of High Inflation On The Market

    4.2. Ukraine-Russia War Impact On The Market

    4.3. COVID-19 Impact On The Market

    5. Global Takaful Market Size and Growth

    5.1. Global Takaful Market Drivers and Restraints

    5.1.1. Drivers Of The Market

    5.1.2. Restraints Of The Market

    5.2. Global Takaful Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)

    5.3. Global Takaful Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

    6. Takaful Market Segmentation

    6.1. Global Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    Family Takaful

    General Takaful

    6.2. Global Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    Agents and Brokers

    Banks

    Direct Response

    Other Channels

    6.3. Global Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    Personal

    Commercial

    7. Takaful Market Regional And Country Analysis

    7.1. Global Takaful Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    7.2. Global Takaful Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    8. Asia-Pacific Takaful Market

    8.1. Asia-Pacific Takaful Market Overview

    Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies

    8.2. Asia-Pacific Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    8.3. Asia-Pacific Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    8.4. Asia-Pacific Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    9. China Takaful Market

    9.1. China Takaful Market Overview

    9.2. China Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

    9.3. China Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

    9.4. China Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

    10. India Takaful Market

    10.1. India Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    10.2. India Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    10.3. India Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    11. Japan Takaful Market

    11.1. Japan Takaful Market Overview

    11.2. Japan Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    11.3. Japan Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    11.4. Japan Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    12. Australia Takaful Market

    12.1. Australia Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    12.2. Australia Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    12.3. Australia Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    13. Indonesia Takaful Market

    13.1. Indonesia Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    13.2. Indonesia Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    13.3. Indonesia Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    14. South Korea Takaful Market

    14.1. South Korea Takaful Market Overview

    14.2. South Korea Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    14.3. South Korea Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    14.4. South Korea Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    15. Western Europe Takaful Market

    15.1. Western Europe Takaful Market Overview

    15.2. Western Europe Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    15.3. Western Europe Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    15.4. Western Europe Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    16. UK Takaful Market

    16.1. UK Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    16.2. UK Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    16.3. UK Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    17. Germany Takaful Market

    17.1. Germany Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    17.2. Germany Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    17.3. Germany Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    18. France Takaful Market

    18.1. France Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    18.2. France Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    18.3. France Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    19. Italy Takaful Market

    19.1. Italy Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    19.2. Italy Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    19.3. Italy Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    20. Spain Takaful Market

    20.1. Spain Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    20.2. Spain Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    20.3. Spain Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    21. Eastern Europe Takaful Market

    21.1. Eastern Europe Takaful Market Overview

    21.2. Eastern Europe Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    21.3. Eastern Europe Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    21.4. Eastern Europe Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    22. Russia Takaful Market

    22.1. Russia Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    22.2. Russia Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    22.3. Russia Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    23. North America Takaful Market

    23.1. North America Takaful Market Overview

    23.2. North America Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    23.3. North America Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    23.4. North America Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    24. USA Takaful Market

    24.1. USA Takaful Market Overview

    24.2. USA Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    24.3. USA Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    24.4. USA Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    25. Canada Takaful Market

    25.1. Canada Takaful Market Overview

    25.2. Canada Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    25.3. Canada Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    25.4. Canada Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    26. South America Takaful Market

    26.1. South America Takaful Market Overview

    26.2. South America Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    26.3. South America Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    26.4. South America Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    27. Brazil Takaful Market

    27.1. Brazil Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    27.2. Brazil Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    27.3. Brazil Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    28. Middle East Takaful Market

    28.1. Middle East Takaful Market Overview

    28.2. Middle East Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    28.3. Middle East Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    28.4. Middle East Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    29. Africa Takaful Market

    29.1. Africa Takaful Market Overview

    29.2. Africa Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    29.3. Africa Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    29.4. Africa Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

    30. Takaful Market Competitive Landscape And Company Profiles

    30.1. Takaful Market Competitive Landscape

    30.2. Takaful Market Company Profiles

    30.2.1. Allianz SE

    30.2.1.1. Overview

    30.2.1.2. Products and Services

    30.2.1.3. Strategy

    30.2.1.4. Financial Performance

    30.2.2. Zürich Versicherungs-Gesellschaft AG

    30.2.2.1. Overview

    30.2.2.2. Products and Services

    30.2.2.3. Strategy

    30.2.2.4. Financial Performance

    30.2.3. Securities & Exchange Commission of Pakistan

    30.2.3.1. Overview

    30.2.3.2. Products and Services

    30.2.3.3. Strategy

    30.2.3.4. Financial Performance

    30.2.4. Standard Chartered plc

    30.2.4.1. Overview

    30.2.4.2. Products and Services

    30.2.4.3. Strategy

    30.2.4.4. Financial Performance

    30.2.5. Gulf Insurance Group

    30.2.5.1. Overview

    30.2.5.2. Products and Services

    30.2.5.3. Strategy

    30.2.5.4. Financial Performance

    31. Takaful Market Other Major And Innovative Companies

    31.1. The Company for Cooperative Insurance Tawuniya

    31.2. Bupa Arabia

    31.3. Howden Takaful Brokers Sdn. Bhd.

    31.4. Walaa Cooperative Insurance Company

    31.5. Al Etihad Cooperative

    31.6. SALAMA Islamic Arab Insurance Company

    31.7. Allied Cooperative Insurance Group

    31.8. Al Sagr Cooperative

    31.9. Buruj Cooperative

    31.10. Al Ain Ahlia Insurance Co.

    31.11. Qatar Islamic Insurance Company

    31.12. Takaful Re Limited

    31.13. AMAN Insurance Company

    31.14. Islamic Insurance Company

    31.15. Chubb Arabia Cooperative Insurance Company

    32. Global Takaful Market Competitive Benchmarking

    33. Global Takaful Market Competitive Dashboard

    34. Key Mergers And Acquisitions In The Takaful Market

    35. Takaful Market Future Outlook and Potential Analysis

    35.1 Takaful Market In 2028 - Countries Offering Most New Opportunities

    35.2 Takaful Market In 2028 - Segments Offering Most New Opportunities

    35.3 Takaful Market In 2028 - Growth Strategies

    35.3.1 Market Trend Based Strategies

    35.3.2 Competitor Strategies

    36. Appendix

    36.1. Abbreviations

    36.2. Currencies

    36.3. Historic And Forecast Inflation Rates

    36.4. Research Inquiries

    36.5. The Business Research Company

    36.6. Copyright And Disclaimer

List Of Tables

    Table 1: Global Historic Market Growth, 2018-2023, $ Billion
  • Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
  • Table 3: Global Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 4: Global Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 5: Global Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 6: Global Takaful Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 7: Global Takaful Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 8: Asia-Pacific, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 9: Asia-Pacific, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 10: Asia-Pacific, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 11: China, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 12: China, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 13: China, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 14: India, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 15: India, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 16: India, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 17: Japan, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 18: Japan, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 19: Japan, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 20: Australia, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 21: Australia, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 22: Australia, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 23: Indonesia, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 24: Indonesia, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 25: Indonesia, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 26: South Korea, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 27: South Korea, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 28: South Korea, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 29: Western Europe, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 30: Western Europe, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 31: Western Europe, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 32: UK, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 33: UK, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 34: UK, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 35: Germany, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 36: Germany, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 37: Germany, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 38: France, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 39: France, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 40: France, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 41: Italy, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 42: Italy, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 43: Italy, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 44: Spain, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 45: Spain, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 46: Spain, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 47: Eastern Europe, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 48: Eastern Europe, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 49: Eastern Europe, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 50: Russia, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 51: Russia, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 52: Russia, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 53: North America, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 54: North America, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 55: North America, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 56: USA, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 57: USA, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 58: USA, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 59: Canada, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 60: Canada, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 61: Canada, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 62: South America, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 63: South America, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 64: South America, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 65: Brazil, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 66: Brazil, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 67: Brazil, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 68: Middle East, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 69: Middle East, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 70: Middle East, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 71: Africa, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 72: Africa, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 73: Africa, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Table 74: Allianz SE Financial Performance
  • Table 75: Zürich Versicherungs-Gesellschaft AG Financial Performance
  • Table 76: Securities & Exchange Commission of Pakistan Financial Performance
  • Table 77: Standard Chartered plc Financial Performance
  • Table 78: Gulf Insurance Group Financial Performance

List Of Figures

    Figure 1: Global Historic Market Growth, 2018-2023, $ Billion
  • Figure 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
  • Figure 3: Global Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 4: Global Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 5: Global Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 6: Global Takaful Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 7: Global Takaful Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 8: Asia-Pacific, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 9: Asia-Pacific, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 10: Asia-Pacific, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 11: China, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 12: China, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 13: China, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 14: India, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 15: India, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 16: India, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 17: Japan, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 18: Japan, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 19: Japan, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 20: Australia, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 21: Australia, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 22: Australia, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 23: Indonesia, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 24: Indonesia, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 25: Indonesia, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 26: South Korea, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 27: South Korea, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 28: South Korea, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 29: Western Europe, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 30: Western Europe, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 31: Western Europe, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 32: UK, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 33: UK, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 34: UK, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 35: Germany, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 36: Germany, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 37: Germany, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 38: France, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 39: France, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 40: France, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 41: Italy, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 42: Italy, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 43: Italy, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 44: Spain, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 45: Spain, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 46: Spain, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 47: Eastern Europe, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 48: Eastern Europe, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 49: Eastern Europe, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 50: Russia, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 51: Russia, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 52: Russia, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 53: North America, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 54: North America, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 55: North America, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 56: USA, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 57: USA, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 58: USA, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 59: Canada, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 60: Canada, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 61: Canada, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 62: South America, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 63: South America, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 64: South America, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 65: Brazil, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 66: Brazil, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 67: Brazil, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 68: Middle East, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 69: Middle East, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 70: Middle East, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 71: Africa, Takaful Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 72: Africa, Takaful Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 73: Africa, Takaful Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
  • Figure 74: Allianz SE Financial Performance
  • Figure 75: Zürich Versicherungs-Gesellschaft AG Financial Performance
  • Figure 76: Securities & Exchange Commission of Pakistan Financial Performance
  • Figure 77: Standard Chartered plc Financial Performance
  • Figure 78: Gulf Insurance Group Financial Performance
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Frequently Asked Questions

What is the definition of the takaful market?

Takaful refers to an Islamic insurance system in which members of a group contribute money to a pool system that can be claimed by a person who is facing damages or losses. This system is set up according to Islamic Sharia law and is useful for people who are in need of an insurance system. For further insights on the takaful market, request a sample here

How will the takaful market drivers and restraints affect the takaful market dynamics? What forces will shape the takaful industry going forward?

The takaful market major growth driver - expanding muslim population fuels the takaful market. For further insights on the takaful market, request a sample here

What is the forecast market size or the forecast market value of the takaful market ?

The takaful market size has grown rapidly in recent years. It will grow from $29.54 billion in 2023 to $33.14 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to Islamic finance growth, rising awareness of Islamic insurance, government support and regulation, ethical and social responsibility, Islamic banking partnerships. The takaful market size is expected to see rapid growth in the next few years. It will grow to $51.75 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to expanding global Islamic finance industry, diversification of takaful products, inclusion of takaful in financial planning, rise in affluent Muslim population, international collaboration and standardization. Major trends in the forecast period include enhanced risk management through data analytics, regulatory compliance and standardization, education and awareness campaigns, expansion of takaful offerings in non-Muslim markets, innovations in wakalah and mudarabah models. For further insights on the takaful market, request a sample here

How is the takaful market segmented?

The takaful market 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, CommercialFor further insights on the takaful market, request a sample here

Which region has the largest share of the takaful market? What are the other regions covered in the report?

Asia-Pacific was the largest region in the takaful market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global takaful market during the forecast period. The regions covered in the takaful market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. For further insights on the takaful market, request a sample here.

Who are the major players in the takaful market?

Major companies operating in the takaful market report are 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 For further insights on the takaful market, request a sample here.

What are the key trends in the takaful market?

Major trend in the takaful market - takaful market transforms with innovative offerings. For further insights on the takaful market, request a sample here.

What are the major opportunities in the takaful market? What are the strategies for the takaful market?

For detailed insights on the major opportunities and strategies in the takaful market, request a sample here.

How does the takaful market relate to the overall economy and other similar markets?

For detailed insights on takaful market's relation to the overall economy and other similar markets, request a sample here.

What are the latest mergers and acquisitions in the takaful industry?

For detailed insights on the mergers and acquisitions in the takaful industry, request a sample here.

What are the key dynamics influencing the takaful market growth? SWOT analysis of the takaful market.

For detailed insights on the key dynamics influencing the takaful market growth and SWOT analysis of the takaful industry, request a sample here.