According to a new report by Expert Market Research titled, “Global Takaful Market Analysis, Growth, Share, Size, Report and Forecast 2024-2032″, the global takaful market reached a value of USD 30.01 billion in 2023. Aided by the growing awareness and acceptance of Sharia-compliant financial instruments and the surge in the Muslim population globally, the market is projected to further grow at a CAGR of 13% between 2024 and 2032 to reach a value of USD 62.57 billion by 2032.
Takaful, often referred to as Islamic insurance, operates on the principles of mutual cooperation, shared responsibility, and collective risk bearing. Different from conventional insurance, Takaful relies on community pooling to guarantee each member against loss or damage. Participants contribute a certain sum of money to a common pool, which is managed and administered on their behalf by a Takaful operator.
As per the global takaful market analysis, the surging demand for Sharia-compliant financial instruments is a primary driver for the market. As more individuals become financially literate, there is an evident tilt towards ethical and Islamic finance instruments, especially in countries with significant Muslim populations. This is supported by the fact that Islamic banking assets have grown substantially in recent years, and Takaful is a natural progression for those seeking comprehensive Sharia-compliant financial solutions.
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Moreover, the Takaful model, with its emphasis on shared risk and ethical investments, appeals not just to Muslims but also to those seeking transparent and equitable financial products and adds value to the takaful market size. The ethical facet of Takaful, which prohibits investments in alcohol, gambling, and other ‘haram’ industries, resonates with a wider audience, driving its appeal beyond just the Islamic populace.
The emerging economies, especially in the Asia-Pacific region, have witnessed a significant upswing in the adoption of Takaful. Countries like Malaysia and Indonesia have become major hubs for Takaful, with governments actively promoting Islamic finance. Additionally, the Middle East, with its wealthy Gulf nations, remains a strong market, given the Islamic principles deeply embedded in their financial systems and contribute to the takaful market demand.
The integration of technology is another pivotal factor shaping the Takaful landscape. The rise of insurtech platforms that cater exclusively to Takaful products is enhancing customer outreach, product customisation, and service efficiency.
There is also a notable uptrend in the demand for Takaful products in sectors like health, property, and motor insurance. With increasing urbanisation and rising disposable incomes in key markets, there’s a heightened need for such insurance products, further fuelling the takaful market growth.
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Market Segmentation
The market can be divided based on product and region.
Market Breakup by Product
• Life/Family Takaful
• General Takaful
Market Breakup by Region
• Gulf Cooperation Council (GCC)
• South East Asia
• Africa
• Others
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global takaful market. Some of the major players explored in the report by Expert Market Research are as follows:
• JamaPunji (SECP)
• Qatar Islamic Insurance
• SALAMA Islamic Arab Insurance Company
• Takaful Brunei Darussalam
• Prudential BSN Takaful Berhad
• Others
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