The global takaful insurance market was valued at $24.85 billion in 2020, and is projected to reach $97.17 billion by 2030, growing at a CAGR of 14.6% from 2021 to 2030.
Takaful is a type of Islamic insurance wherein members contribute money into a pool system to guarantee each other against loss or damage. Takaful insurance is based on sharia or Islamic religious law, which explains responsibilities of individuals to cooperate with each other and protect one another. Generally, takaful policies cover health, life, and general insurance needs. With having risk-sharing model concept, takaful insurance remains largely confined to the Muslim countries.
Download PDF Sample : https://www.alliedmarketresearch.com/request-sample/12200
Top Impacting Factors
Market Penetration Among Muslim Majority Countries
Muslim majority countries such as the UAE, Saudi Arabia, Oman, Malaysia, and others, consider takaful insurance to be an ethical way of insurance according to the Islamic law. These countries have a higher penetration of takaful insurance as compared to the conventional insurance, as conventional insurance is considered unethical according to the Islamic law. Therefore, it is easier for the market players to increase penetration among the Muslim majority market. Furthermore, government initiatives toward takaful insurance are helping the market to flourish in countries such as Saudi Arabia, Malaysia, and UAE. Thus, these factors are propelling the growth of the takaful insurance market.
Lower Chances of Financial Loss in Takaful Insurance
According to the Islamic law, the premium collected should be pooled and used at times when the members face any kind of emergency such as medical issues, business losses, and others. Therefore, in case any such claim arises, the insured gets the required amount to cover the risk. In addition, in case no such claim is made, then the surplus amount is distributed among the members, unlike conventional insurance. Therefore, chances of financial loss are reduced drastically. These factors attract many new members to make donations in the takaful insurance. As a result, this is a major factor boosting the growth of takaful insurance market.
Key Market players
- Abu Dhabi National Takaful Co.
- Allianz
- AMAN Insurance
- Islamic Insurance
- Prudential BSN Takaful Berhad
- Qatar Islamic Insurance
- SALAMA Islamic Arab Insurance Company
- Syarikat Takaful Brunei Darussalam
- Takaful International
- Zurich Malaysia
Buy Now: http://surl.li/dkdru
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact Us:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com