According to latest research report by IMARC Group, titled “Takaful Market : Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the takaful market. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global takaful market size reached US$ 30.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 54.9 Billion by 2028, exhibiting a growth rate (CAGR) of 10.2% during 2023-2028.
Takaful is a sharia-compliant insurance system that provides reimbursement or protection against losses to an individual or entity, which is generally managed and supervised by a takaful management firm. It was established in the fledgling Islamic community of Medinah, Saudi Arabia. It is a cooperative system wherein members contribute money into a pool system in order to safeguard individuals or properties against the risk of financial losses caused in an uncertain or contingent situation. It is based on the objective to live harmoniously in the community while cooperating and protecting each other against misfortunes.
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Global Takaful Market Trends:
The global market is primarily driven by the increasing awareness regarding the benefits offered by the takaful insurance system among the masses. This has impelled the rising adoption of takaful across the globe, especially in Islamic countries, as it involves the distribution of surplus funds among members in an efficient manner. Apart from this, several initiatives undertaken by the governments of numerous countries for supporting and promoting the takaful insurance system are creating a positive outlook for the market.
Moreover, various technological advancements, such as the rising integration of predictive analysis, blockchain technology and artificial intelligence (AI) with the takaful insurance systems, are favorably impacting the market growth. Other factors, including the growing Muslim population and the rising number of institutions that offer Islamic financial services, are further projected to create a positive outlook for the market.
Top Companies in Global Takaful Market Industry:
- 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
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Key Market Segmentation:
Breakup by Product Type:
- Life/Family Takaful
- General Takaful
Regional Insights:
- Gulf Cooperation Council (GCC)
- Southeast Asia
- Africa
- Others
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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