Categories: Market Research

Takaful Market Size and Forecast 2024-2033| Allianz SE, Zürich Versicherungs-Gesellschaft AG, Securities & Exchange Commission of Pakistan, Standard Chartered PLC, Gulf Insurance Group

The Takaful Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Takaful Global Market Report 2024, The takaful market size has grown rapidly in recent years. It will grow from $29.54 billion in 2023 to $33.14 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. 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 $51.75 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. 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.

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.

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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

Major companies operating in the takaful market are increasing their focus on introducing innovative solutions, such as digital takaful, to gain a competitive edge in the market. Digital Takaful products refer to insurance offerings based on Islamic principles that are distributed and managed through digital platforms. For instance, in August 2023, Ouch!, a Malaysia-based insurance company, launched a digital takaful product, Pusara Pro, in Malaysia. Pusara Pro is a simple-term life product that provides participants with a death benefit of up to $120 million (RM500,000). It is an all-digital product that can be directly purchased, viewed, and serviced via the Ouch! mobile app. The app also serves as an educational takaful/insurance tool for younger Malaysians, with features such as a coverage calculator and a referral program for all participants to earn rewards.

The takaful market report table of contents includes:

1. Executive Summary

2. Takaful Market Characteristics

3. Takaful Market Trends And Strategies

4. Takaful Market – Macro Economic Scenario

5. Global Takaful Market Size and Growth

26. South America Takaful Market

27. Brazil Takaful Market

28. Middle East Takaful Market

29. Africa Takaful Market

30. Takaful Market Competitive Landscape And Company Profiles

Top Major Players: