Takaful Market

Global Takaful Market Share, Trends, Analysis, Forecast: By Product: Life/Family Takaful, General Takaful; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Value Chain Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032

Global Takaful Market Outlook

The global takaful market size reached approximately USD 33.91 billion in 2023. The market is projected to grow at a CAGR of 13% between 2024 and 2032, reaching a value of around USD 102.02 billion by 2032.


Key Takeaways

  • The adoption of technologies such as blockchain, artificial intelligence (AI), and mobile platforms is enhancing operational efficiency of takaful solutions.
  • Takaful operators are integrating ESG criteria into their investment operations, reflecting a commitment to sustainability and ethical financial practices.
  • There is a noticeable shift towards the development of more diverse and innovative Takaful products, including micro-Takaful and health Takaful.


Takaful is an Islamic insurance scheme compliant with Sharia law, where community members contribute money or a portion of their earnings to a pooling programme that guarantees against any loss or injury. The basic principle of takaful represents everyone's duty to collaborate and protect one another. The operations and investments of a Takaful fund are in strict compliance with Islamic law, which prohibits interest, uncertainty, and investment in businesses that are not accepted under Islamic law.


The takaful market growth has witnessed an upward trajectory over the past few years, driven by growing awareness regarding takaful and its benefits among Muslim as well as non-Muslim populations. In regions such as the Asia Pacific and the GCC, the presence of a large Muslim population supports the regional market growth. Currently, Muslims account for a fifth of the total global population, which is further expected to increase in the future, thus, propelling the market globally. Moreover, growing product awareness is one of the major factors in improving takaful market penetration.


Additionally, ethical investment strategies and programmes present significant growth opportunities. With high market competition, takaful serves as a strong business proposition and is also gaining momentum among non-Muslim clients, witnessing a steadily increasing share.


Global Takaful Market

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Key Trends and Developments

Digital transformation; product customisation; global expansion and cross-border operations; and regulatory developments are the major trends impacting the takaful market expansion


Date Company Event
Feb 2024 EFU Life Assurance Ltd. Jazz, a leading Pakistani digital operator, partnered with EFU Life Assurance Ltd., the country's leading insurance provider, to launch a Takaful (Shariah-compliant) service for its subscribers.
Jan 2024 PolicyStreet PolicyStreet announced that it was granted authorisation by the Labuan Financial Services Authority (LFSA) to initiate its Takaful and retakaful operations in Malaysia.
Dec 2023 SYARIKAT Takaful Malaysia Keluarga Bhd SYARIKAT Takaful Malaysia Keluarga Bhd’s (STMK) announced the launch of a new digital platform, Kaotim, which is expected to strengthen its presence in the digital insurance and takaful sector.
Dec 2023 Zurich Malaysia Zurich Malaysia (Zurich), an insurance group, collaborated with Oyen, a Malaysian digital-first pet insurance platform, to launch a Takaful product for cats named “Oyen Takaful Kucing.”



Trends Impact
Digital transformation Digital technology is revolutionising the takaful market by enhancing customer experience, improving operational efficiency, and expanding market reach.
Product customisation scheme This scheme includes the introduction of new products in accordance with the changing consumer demands.
Global expansion and cross-border operations Takaful operators are exploring opportunities in non-traditional markets with Muslim minorities and even non-Muslim markets, attracted by the ethical and cooperative principles of takaful.
Regulatory developments Regulatory bodies are focusing on ensuring the stability of Takaful operators, enhancing consumer protection, and promoting healthy competition.


Takaful Market Trends

Digital technology's impact on the market is profound and multifaceted, transforming traditional operational models and customer engagement strategies. For instance, mobile apps offer Takaful customers a convenient and accessible way to manage their policies, submit claims, and access services anytime and anywhere. This ease of access improves the customer experience significantly. Meanwhile, blockchain technology offers a decentralised and immutable ledger system, ensuring that all transactions and claims are recorded securely and transparently. This increases trust among participants, as they can verify transactions independently.


In December 2023, SYARIKAT Takaful Malaysia Keluarga Bhd (STMK) announced the launch of Kaotim, a new digital platform. By launching this digital platform, STMK is set to enhance its service delivery and accessibility, making it easier for customers to access Takaful services. The platform is expected to provide a user-friendly interface, allowing for seamless policy management, claims processing, and interaction with Takaful services online.


Takaful Market by Product

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Market Segmentation

“Takaful Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:


Market Breakup Categories
Product Life/Family Takaful, General Takaful
Region Gulf Cooperation Council (GCC), South East Asia, Africa, Others


General takaful accounts for a major takaful market share as it covers a broad range of risks associated with daily life

The general takaful segment, among other product types, accounts for the largest market share. General takaful covers a wide range of everyday risks that individuals and businesses face. Since these products cater to essential and often mandatory insurance needs (like motor insurance in many countries), they have a broad appeal and a steady demand. This demand drives a larger volume of policies and contributions compared to specific or niche insurance products.  Businesses often require insurance coverage for property, transportation, liability, and other operational risks. Since the principles of takaful align with the ethical considerations of Islamic business practices, Muslim-owned businesses and those operating in predominantly Muslim countries may prefer general takaful products to conventional insurance.


Moreover, in many jurisdictions, certain types of general insurance are legally required. For example, motor vehicle insurance is a legal requirement for vehicle owners in many countries. This regulatory mandate ensures a consistent demand for General Takaful products, contributing to their dominant market share.


The takaful market growth is also driven by life/family takaful products, expected to witness increased acceptance in the coming years. Life/Family Takaful offers financial security to participants and their families in the event of death, disability, or retirement, similar to traditional life insurance. The desire to ensure that family members are financially protected in adverse situations is a universal concern that drives demand for these products.


Competitive Landscape

The market players are increasingly collaborating with fintech startups to leverage advanced technologies and offer innovative solutions to stay ahead in the competition


Company Headquarters Specialisation
JamaPunji (SECP) Islamabad, Pakistan Investor education, financial literacy, and consumer protection
Qatar Islamic Insurance Doha, Qatar Wide range of Islamic insurance products and services
SALAMA Islamic Arab Insurance Company Dubai, United Arab Emirates Takaful and retakaful (reinsurance) services, including health, general, and family, among others
Takaful Brunei Darussalam Bandar Seri Begawan, Brunei Darussalam Takaful products and Islamic financial protection services; a leading provider of Islamic insurance in Brunei


The players in the takaful market are engaged in various strategic activities to expand their presence, innovate their product offerings, and enhance their operational efficiency. These activities reflect their adaptation to the evolving market dynamics, technological advancements, and changing consumer preferences.


Takaful Market by Region

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Takaful Market Analysis by Region

The Gulf Cooperation Council (GCC) represent the leading region in the global takaful market owing to the presence of a vast and affluent Muslim population. GCC countries have experienced substantial economic growth over the past few decades, fueled by oil wealth and diversification efforts. This growth has led to increased wealth and a higher standard of living, thereby increasing the demand for insurance products, including takaful, to protect assets and income.


As the penetration of traditional insurance services and its knowledge even in wealthy Muslim regions, including the GCC, is relatively small, takaful is viewed as a key tool for raising insurance awareness and presents significant opportunities in GCC countries.


There has been a concerted effort in the GCC region to improve financial literacy and awareness about Islamic finance products, including takaful. This has been supported by educational campaigns, seminars, and workshops by governments, financial institutions, and educational bodies.


Meanwhile, the takaful market in Southeast Asia is anticipated to witness considerable growth in the coming years. Countries in the region like Malaysia have been pioneers in Islamic finance, establishing comprehensive regulatory frameworks that support the development and growth of the market. Regulatory bodies in these countries actively promote takaful through favourable policies, including tax incentives and mandatory takaful requirements for certain segments of the population.


Key Highlights of the Report

Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Product
  • Region
Breakup by Product
  • Life/Family Takaful
  • General Takaful
Breakup by Region
  • Gulf Cooperation Council (GCC)
  • South East Asia
  • Africa
  • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • JamaPunji (SECP)
  • Qatar Islamic Insurance 
  • SALAMA Islamic Arab Insurance Company
  • Takaful Brunei Darussalam 
  • Prudential BSN Takaful Berhad
  • Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.


*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Takaful Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Takaful Historical Market (2018-2023) 
    8.3    Global Takaful Market Forecast (2024-2032)
    8.4    Global Takaful Market by Product
        8.4.1    Life/Family Takaful
      Historical Trend (2018-2023)
      Forecast Trend (2024-2032)
        8.4.2    General Takaful
      Historical Trend (2018-2023)
      Forecast Trend (2024-2032)
    8.5    Global Takaful Market by Region
        8.5.1    Gulf Cooperation Council (GCC)
        8.5.2    South East Asia
        8.5.3    Africa
        8.5.4    Others
9    Regional Analysis
    9.1    Gulf Cooperation Council (GCC)
        9.1.1    Historical Trend (2018-2023)
        9.1.2    Forecast Trend (2024-2032)
        9.1.3    Breakup by Country
    9.2    South East Asia
        9.2.1    Historical Trend (2018-2023)
        9.2.2    Forecast Trend (2024-2032)
        9.2.3    Breakup by Country
    9.3    Africa
        9.3.1    Historical Trend (2018-2023)
        9.3.2    Forecast Trend (2024-2032)
        9.3.3    Breakup by Country
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyers Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    Key Indicators for Demand
    10.4    Key Indicators for Price
11    Value Chain Analysis
12    Government Regulations
13    Competitive Landscape

    13.1    Market Structure
    13.2    Key Players
    13.3    Company Profiles
        13.3.1    JamaPunji (SECP)
      Company Overview
      Demographic Reach and Achievements
        13.3.2    Qatar Islamic Insurance 
      Company Overview
      Demographic Reach and Achievements
        13.3.3    SALAMA Islamic Arab Insurance Company
      Company Overview
      Demographic Reach and Achievements
        13.3.4    Takaful Brunei Darussalam 
      Company Overview
      Demographic Reach and Achievements
        13.3.5    Prudential BSN Takaful Berhad
      Company Overview
      Demographic Reach and Achievements
        13.3.6    Others
14    Key Trends and Developments in the Market

List of Key Figures and Tables

1.    Global Takaful Market: Key Industry Highlights, 2018 and 2032
2.    Global Takaful Historical Market: Breakup by Product (USD Billion), 2018-2023
3.    Global Takaful Market Forecast: Breakup by Product (USD Billion), 2024-2032
4.    Global Takaful Historical Market: Breakup by Region (USD Billion), 2018-2023
5.    Global Takaful Market Forecast: Breakup by Region (USD Billion), 2024-2032
6.    Gulf Cooperation Council (GCC) Historical Market: Breakup by Country (USD Billion), 2018-2023
7.    Gulf Cooperation Council (GCC)Takaful Market Forecast: Breakup by Country (USD Billion), 2024-2032
8.    South East Asia Takaful Historical Market: Breakup by Country (USD Billion), 2018-2023
9.    South East Asia Takaful Market Forecast: Breakup by Country (USD Billion), 2024-2032
10.    Africa Takaful Historical Market: Breakup by Country (USD Billion), 2018-2023
11.    Africa Takaful Market Forecast: Breakup by Country (USD Billion), 2024-2032
12.    Global Takaful Market Structure

Key Questions Answered in the Report

The global takaful market reached a value of USD 33.91 billion in 2023.

The market is projected to grow at a CAGR of nearly 13% in the forecast period of 2024-2032.

The market is estimated to reach a value of about USD 102.02 billion by 2032.    

The major market drivers include the growing affluent Muslim population in the Gulf-Cooperation Council (GCC), increasing awareness regarding the benefits of takaful among non-Muslim population, and improving product penetration.

The growing focus on ethical investment strategies and programmes, the increasing promotion of product customisation schemes, and the development of comprehensive legal and regulatory frameworks are the key trends guiding the market development.

Gulf Cooperation Council (GCC), South East Asia, and Africa, among others, are the leading regions in the market.

The significant products considered in the market report include life/family product and general takaful.

The major players in the market are JamaPunji (SECP), Qatar Islamic Insurance, SALAMA Islamic Arab Insurance Company, Takaful Brunei Darussalam, and Prudential BSN Takaful Berhad, among others.

Analyst Review

The global takaful market attained a value of USD 33.91 billion in 2023, driven by the digitalisation of various programmes. Aided by the introduction of new products, the industry is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 13%. The industry is projected to reach USD 102.02 billion by 2032.


EMR's meticulous research methodology delves deep into the industry, covering the macro and micro aspects of the industry. Based on its product types, the global takaful market can be segmented into life/family and general takaful, with the general segment leading the market. The major regional markets for takaful are Gulf Cooperation Council (GCC), Southeast Asia, Africa, and others, with the Gulf Cooperation Council accounting for the leading share of the market. The key players in the above industry include JamaPunji (SECP), Qatar Islamic Insurance, SALAMA Islamic Arab Insurance Company, Takaful Brunei Darussalam, and Prudential BSN Takaful Berhad, among others.


EMR's research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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