Market Snapshot:
Takaful is a type of Islamic insurance whereby members contribute cash into a pool system to insure one another against loss or harm. Takaful insurance is predicated on jurisprudence or monotheism spiritual law, which explains the responsibilities of people to get together with one another and shield each other. Generally, takaful policies cowl health, life, and general insurance desire. With having a risk-sharing model construct, takaful insurance remains for the most part confined to the Muslim countries.
Highlights from Takaful Insurance Market Study
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Largest Market | Asia Pacific |
Unit | Value (USD Million) |
The key Players profiled in the report are Abu Dhabi National Takaful Co. (United Arab Emirates), Allianz (Germany), AMAN Insurance (United Arab Emirates), Islamic Insurance (Somalia), Prudential BSN Takaful Berhad (Malaysia), Qatar Islamic Insurance (Qatar) and SALAMA Islamic Arab Insurance Company (United Arab Emirates). Additionally, other players that are part of this comprehensive study are Syarikat Takaful Brunei Darussalam (Brunei), Takaful International (Bahrain) and Zurich (Malaysia).
Geographic Breakdown and Segment Analysis
The Global Takaful Insurance market presents a comprehensive analysis of the Takaful Insurance market by product type (Family Takaful, Motor Takaful, Property & Fire, Medical & Health Takaful and Others), by end-user/application (Personal and Commercial), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Takaful Insurance industry. Investors and Players can easily understand the inherent opportunities and challenges for their products in geographical region of interest. For instance, while the Asia Pacific holds majority of market share of the Takaful Insurance market
Analyst at AMA have segmented the market study of Global Takaful Insurance market by Type, Application and Region.
Influencing Trend:
Developing Standard practices and Regulations for the Takaful Insurances for Ease of Transactions
Market Growth Drivers:
Growth in Awareness about Financial Stability of Islamic Community with In-House Solutions like Takaful Insurance and The rise in Demand for the Investments in Emergency Funds
Challenges:
Less Awareness about the Product in Muslim Community
Restraints:
Lack of Standardization in Takaful Insurances and the Systems
Opportunities:
Rising Religious Unity and Services Investment by Islamic Community for Preventing Financial Disasters and Planning and Rising Financial Institutes in Developing Region like the United Arab Emirates
Market Developments Activities:
In April 2023, Daman Announces Merger with Oman National Insurance Company This merger created the largest insurance company in the United Arab Emirates.
In March 2023, The Gibraltar International Life Assurance Company Limited Launched its Gibraltar International Siyakat Family Takaful plan which is Shariah-compliant life insurance.
The global market is highly competitive and consists of a limited number of providers who compete with each other. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth.
Key Target Audience
Takaful Insurance Provider, Financial Institutions, Research Institutes, End-User Industry and Others