Takaful Market Overview
According to latest research report by IMARC Group, titled “Takaful Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios. The global takaful market size reached a value of US$ 27.6 Billion in 2021. As a result, the market value is projected to reach US$ 49.8 Billion by 2027, expanding at a CAGR of 10.5% during 2022-2027.
Takaful refers to a system of Sharia-compliant insurance providing reimbursements against losses faced by an individual or entity to support each other. Usually managed and supervised by a management firm on behalf of the participants, the surplus amount invested is utilized for making investments and earning a higher profit for the policyholders. A takaful contract documents all the terms and conditions related to the insurance, which is similar to a conventional insurance policy.
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Important Attribute and highlights of the Report:
- Detailed analysis of the global market share
- Market Segmentation by on product type.
- Historical, current, and projected size of the market in terms of volume and value
- Latest industry trends and developments
- Competitive Landscape for Takaful Market
- Strategies of major players and product offerings
Industry Trends:
The takaful market is primarily driven by the increasing Muslim population across the globe. In line with this, the rising consciousness regarding the benefits offered by takaful among the masses has contributed to the widespread adoption of takaful across the globe. Besides this, favorable initiatives undertaken by the government of numerous Islamic countries for supporting and promoting the takaful insurance system are providing an impetus for market growth. Furthermore, the increasing integration of blockchain technology and artificial intelligence (AI) with the takaful insurance systems is also creating a positive outlook for the market.
Key Players Included in Global Takaful Market Research Report:
- 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
COVID-19 Impact Overview:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Key Market Segmentation:
Breakup by Product Type:
- Life/Family Takaful
- General Takaful
On the basis of the product type, the market has been bifurcated into life/family takaful and general takaful. Currently, general takaful accounts for the majority of the total market share
Regional Insights:
- Gulf Cooperation Council (GCC)
- Southeast Asia
- Africa
- Others
Based on the regional insights, the market has been divided into Gulf Cooperation Council (GCC), Southeast Asia, Africa and others. Among these, the gulf cooperation council (GCC) region holds the leading position in the market.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players 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.
TOC for the Takaful Market Research Report:
- Preface
- Scope and Methodology
- Executive Summary
- Introduction
- Global Takaful Market
- SWOT Analysis
- Value Chain Analysis
- Price Analysis
- Competitive Landscape
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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