The global takaful market reached US$ 20 Billion in 2019. The market is further projected to exceed US$ 45 Billion by 2027, at a CAGR of +14% during 2019-2027.
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 contribute regularly on a monetary basis which is supervised and managed by a management firm. Nonetheless, the surplus amount invested is then employed for making investments that are helpful for earning a higher profit for the policyholders.
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Top Key Players Covered in Takaful Market:
Kuwait Finance House, Dubai Islamic Bank, Malayan Banking Berhad, 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
Takaful Market 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 Takaful 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.
Catalyzed 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. Key players in the Takaful market have been identified through secondary research, and their market shares have been determined through primary and secondary research. All measurement shares splits, and breakdowns have been resolute using secondary sources and verified primary sources.
Key Points Mentioned In the Report
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- The report offers market share appraisals for regional and levels
- To gain a detailed overview of parent market Potential and niche segments/regions exhibiting promising growth
- The study provides an in-depth analysis of the Takaful market and current & future trends to elucidate imminent investment pockets.
- Changing market dynamics of the industry
- Strategies of key players and product offerings
Furthermore, the Takaful Market report also explains the causes and factors responsible for the industry trends enabling the reader to understand the various approaches adopted by the key players to gain a firm position in the industry. This information is based upon an investigative exploration that aids the reader in identifying features such as the stability, rate of expansion, drivers, restraints, and opportunities making it easy for the new as well as the existing key players to take mindful corporate decisions as per the requirements.
In This Study, The Years Considered To Estimate The Size Of Takaful Market Are As Follows:
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- History Year: 2015-2018
- Base Year: 2018
- Estimated Year: 2019
- Forecast Year 2019 to 2027