What are the latest figures on the takaful market’s size and projected CAGR?
The takaful market size has grown rapidly in recent years. It will grow from $32.85 billion in 2024 to $36.74 billion in 2025 at a compound annual growth rate (CAGR) of 11.8%. The growth in the historic period can be attributed to Islamic finance growth, rising awareness of Islamic insurance, government support and regulation, ethical and social responsibility, Islamic banking partnerships.
The takaful market size is expected to see rapid growth in the next few years. It will grow to $57.86 billion in 2029 at a compound annual growth rate (CAGR) of 12.0%. The growth in the forecast period can be attributed to expanding global Islamic finance industry, diversification of takaful products, inclusion of takaful in financial planning, rise in affluent Muslim population, international collaboration and standardization. Major trends in the forecast period include enhanced risk management through data analytics, regulatory compliance and standardization, education and awareness campaigns, expansion of takaful offerings in non-Muslim markets, innovations in wakalah and mudarabah models.
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Which major factors have contributed to the expansion of the takaful market?
The large and increasing Muslim population is driving the takaful market going forward. Muslim people are followers of the religion Islam and live upon the teachings of Prophet Mohammad. The concept of takaful is based on the ideas of shared responsibilities towards each other explained in Islam, and hence the concept is widely practiced by the Muslim population. For instance, in 2023, according to the Muslim Population by Country 2023 Report shared by the World Population Review, a US-based complex demographics data provider, Islam is the second-largest religion in the world after Christianity, with more than two billion followers worldwide. In fact, it is expected that by 2050, Muslims will outnumber Christians. Indonesia was the home for the most Muslim people, housing over 231 million people, which was about 86.7% of its population. As a result, the increasing Muslim population will propel the takaful market going forward.
How is the takaful market segmented?
The takaful market covered in this report is segmented –
1) By Type: Family Takaful, General Takaful
2) By Distribution Channel: Agents And Brokers, Banks, Direct Response, Other Channels
3) By Application: Personal, Commercial
Subsegments:
1) By Family Takaful: Life Takaful, Investment-linked Takaful, Education Takaful, Health Takaful
2) By General Takaful: Motor Takaful, Property Takaful, Liability Takaful, Travel Takaful, Miscellaneous Takaful
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Who are the top competitors in the takaful market?
Major companies operating in the takaful market include Allianz SE, Zürich Versicherungs-Gesellschaft AG, Standard Chartered plc, Gulf Insurance Group, The Company for Cooperative Insurance Tawuniya, Bupa Arabia, Howden Takaful Brokers, Walaa Cooperative Insurance, Al Etihad Cooperative, SALAMA Islamic Arab Insurance, Allied Cooperative Insurance Group, Al Sagr Cooperative, Buruj Cooperative, Al Ain Ahlia Insurance Co, Qatar Islamic Insurance Company, Takaful Re Limited, AMAN Insurance Company, Islamic Insurance Company, Chubb Arabia Cooperative Insurance, Alrajhi Takaful, Takaful International Co, Abu Dhabi National Takaful, Noor Takaful Family PJSC, Prudential BSN Takaful, Syarikat Takaful Brunei Darussalam, Re-Takaful Company, Arabia Insurance Cooperative, Amana Cooperative Insurance
Which key trends are expected to influence the takaful market in the coming years?
Product innovation is a key trend gaining popularity in the takaful market. Major companies operating in the market are introducing new products to sustain their position in the market. For instance, in April 2023, ETAP, a Nigeria-based insurance company, launched Takaful, which is the first digital car insurance product in Africa. Takaful is built around the Takaful Islamic insurance model, where users contribute to a pool to insure members against loss. ETAP manages the process, and at the end of a specific period, any surplus is redistributed to policyholders. ETAP is a digital insurance application that allows users to set up their car insurance in just 90 seconds.
Which regional trends are influencing the takaful market, and which area dominates the industry?
The countries covered in the takaful market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
What Does The Takaful Market Report 2025 Offer?
The takaful market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Takaful refers to an Islamic insurance system in which members of a group contribute money to a pool system that can be claimed by a person who is facing damages or losses. This system is set up according to Islamic Sharia law and is useful for people who are in need of an insurance system.
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