Reports
Global Takaful Market: By Product: Life/Family Takaful, General Takaful; Regional Analysis; Historical Market and Forecast (2018-2028); 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 2020. The industry is further expected to grow at a CAGR of 13% in the forecast period of 2023-2028 to attain USD 49 billion by 2026.
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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.
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Market Segmentation
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.
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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 market based on the Porter's five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| 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, Porter's Five Forces, Key Indicators for Price and Demand |
| 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 (2018-2022)
8.3 Global Takaful Market Forecast (2023-2028)
8.4 Global Takaful Market by Product
8.4.1 Life/Family Takaful
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 General Takaful
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
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 (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.1.3 Breakup by Country
9.2 South East Asia
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
9.2.3 Breakup by Country
9.3 Africa
9.3.1 Historical Trend (2018-2022)
9.3.2 Forecast Trend (2023-2028)
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)
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 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Takaful Market: Key Industry Highlights, 2018 and 2028
2. Global Takaful Historical Market: Breakup by Product (USD Billion), 2018-2022
3. Global Takaful Market Forecast: Breakup by Product (USD Billion), 2023-2028
4. Global Takaful Historical Market: Breakup by Region (USD Billion), 2018-2022
5. Global Takaful Market Forecast: Breakup by Region (USD Billion), 2023-2028
6. Gulf Cooperation Council (GCC) Historical Market: Breakup by Country (USD Billion), 2018-2022
7. Gulf Cooperation Council (GCC)Takaful Market Forecast: Breakup by Country (USD Billion), 2023-2028
8. South East Asia Takaful Historical Market: Breakup by Country (USD Billion), 2018-2022
9. South East Asia Takaful Market Forecast: Breakup by Country (USD Billion), 2023-2028
10. Africa Takaful Historical Market: Breakup by Country (USD Billion), 2018-2022
11. Africa Takaful Market Forecast: Breakup by Country (USD Billion), 2023-2028
12. Global Takaful Market Structure
Key Questions Answered in the Report
The global takaful market reached a value of USD 23.5 billion in 2020.
The market is projected to grow at a CAGR of nearly 13% in the forecast period of 2023-2028.
The market is estimated to reach a value of about USD 49 billion by 2026.
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 2020, 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 2023-2028, growing at a CAGR of 13%. The industry is projected to reach USD 49 billion by 2026.
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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