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Global Takaful Market: By Product: Life/Family Takaful, General Takaful; Regional Analysis; Historical Market and Forecast (2015-2025); Market Dynamics; Value Chain Analysis; Government Regulations; Competitive Landscape; Industry Events and Developments

Global Takaful Market Outlook

The global takaful market size was nearly USD 23.5 billion in 2019. The industry is further expected to grow at a CAGR of 13% in the forecast period of 2020-2025 to attain USD 49 billion by 2025. 

The general takaful segment, among other product-types, leads the industry, accounting for the largest market share. Further, the digital platform is driving the takaful demand, which is expected to aid the industry growth over the forecast period.

Region-wise, the Gulf Cooperation Council (GCC) is the leading region in the global takaful market. The takaful market in the GCC region is witnessing increased growth owing to the presence of a vast and affluent Muslim population.

 

Properties and Applications

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.

Based on product type, the global takaful market has been bifurcated into:

  • Life/Family 
  • General 

The report also covers the regional takaful markets like the Gulf Cooperation Council (GCC), Southeast Asia, Africa, and others.

 

Market Analysis

The takaful market has been witnessing a steady growth over the past few years, driven by the growing awareness regarding takaful and its benefits among Muslim as well as non- Muslim population. In regions such as the Asia Pacific and the GCC, the presence of a large Muslim population is supporting the regional industry growth, which is aiding the global market as well. Currently, Muslims account for a fifth of the total global population, which is further expected to increase in the future, thus, propelling the industry globally. The growing product awareness is one of the major factors in improving market penetration, as a majority of the Muslim population lacks protection due to a lack of information about the wide range of solutions provided by the takaful market.

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 these countries. Driven by factors such as an ethical investment strategy and programme, significant growth opportunities, and high market competition, takaful serves as a strong business proposition and is also gaining momentum among non-Muslim clients, witnessing steadily increasing share.

The sector continues to develop more quickly than the traditional insurance industry, powered by the development of a comprehensive legal and regulatory framework for the takaful market, aiming to facilitate the operations and governance in this sector. The digitalisation of various programmes can enhance industry prospects. Further, the promotion of the product customisation scheme in the takaful sector with the introduction of new products in accordance with the changing consumer demands is expected to aid the industry growth over the forecast period.

 

Competitive Landscape

The report gives a detailed analysis of the following key players in the global takaful market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • JamaPunji (SECP)
  • Qatar Islamic Insurance 
  • SALAMA Islamic Arab Insurance Company
  • Takaful Brunei Darussalam 
  • Prudential BSN Takaful Berhad
  • Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model along with giving a SWOT analysis.

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    Industry Opportunities and Challenges
8    Global Takaful Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Takaful Historical Market (2015-2019) 
    8.3    Global Takaful Market Forecast (2020-2025)
    8.4    Global Takaful Market by Product
        8.4.1    Life/Family Takaful
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2015-2019)
            8.4.1.3    Forecast Trend (2020-2025)
        8.4.2    General Takaful
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2015-2019)
            8.4.2.3    Forecast Trend (2020-2025)
    8.5    Global Takaful Market by Region
        8.5.1    Market Share
            8.5.1.1    Gulf Cooperation Council (GCC)
            8.5.1.2    South East Asia
            8.5.1.3    Africa
            8.5.1.4    Others
9    Regional Analysis
    9.1    Gulf Cooperation Council (GCC)
        9.1.1    Historical Trend (2015-2019)
        9.1.2    Forecast Trend (2020-2025)
        9.1.3    Breakup by Country
    9.2    South East Asia
        9.2.1    Historical Trend (2015-2019)
        9.2.2    Forecast Trend (2020-2025)
        9.2.3    Breakup by Country
    9.3    Africa
        9.3.1    Historical Trend (2015-2019)
        9.3.2    Forecast Trend (2020-2025)
        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    EMR’s Key Indicators for Demand
    10.4    EMR’s 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)
            13.3.1.1    Company Overview
            13.3.1.2    Demographic Reach and Achievements
            13.3.1.3    Certifications
        13.3.2    Qatar Islamic Insurance 
            13.3.2.1    Company Overview
            13.3.2.2    Demographic Reach and Achievements
            13.3.2.3    Certifications
        13.3.3    SALAMA Islamic Arab Insurance Company
            13.3.3.1    Company Overview
            13.3.3.2    Demographic Reach and Achievements
            13.3.3.3    Certifications
        13.3.4    Takaful Brunei Darussalam 
            13.3.4.1    Company Overview
            13.3.4.2    Demographic Reach and Achievements
            13.3.4.3    Certifications
        13.3.5    Prudential BSN Takaful Berhad
            13.3.5.1    Company Overview
            13.3.5.2    Demographic Reach and Achievements
            13.3.5.3    Certifications
        13.3.6    Others
14    Industry Events and Developments


List of Figures and Tables

1.    Global Takaful Market: Key Industry Highlights, 2015 and 2025
2.    Global Takaful Historical Market: Breakup by Product (USD Billion), 2015-2019
3.    Global Takaful Market Forecast: Breakup by Product (USD Billion), 2020-2025
4.    Global Takaful Historical Market: Breakup by Region (USD Billion), 2015-2019
5.    Global Takaful Market Forecast: Breakup by Region (USD Billion), 2020-2025
6.    Gulf Cooperation Council (GCC) Historical Market: Breakup by Country (USD Billion), 2015-2019
7.    Gulf Cooperation Council (GCC)Takaful Market Forecast: Breakup by Country (USD Billion), 2020-2025
8.    South East Asia Takaful Historical Market: Breakup by Country (USD Billion), 2015-2019
9.    South East Asia Takaful Market Forecast: Breakup by Country (USD Billion), 2020-2025
10.    Africa Takaful Historical Market: Breakup by Country (USD Billion), 2015-2019
11.    Africa Takaful Market Forecast: Breakup by Country (USD Billion), 2020-2025
12.    Global Takaful Market Structure

Key Questions Answered in the Report

The global takaful market reached a value of USD 23.5 billion in 2019.

The market is projected to grow at a CAGR of nearly 13% in the forecast period of 2020-2025.

The market is estimated to reach a value of about USD 49 billion by 2025.

The major drivers of the industry include the rising disposable incomes, rising awareness among consumers, and significant growth opportunities and high market competition.

The ethical investment strategy and programme are expected to be the key trends guiding the growth of the industry.

Gulf Cooperation Council (GCC), Southeast Asia, and Africa, among others, are the leading regions in the industry, with the GCC accounting for the largest market share.

The major product in the industry is the general segment.

The leading players in the industry 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 23.5 billion in 2019, 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 2020-2025, growing at a CAGR of 13%. The industry is projected to reach USD 49 billion by 2025. 

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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