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Takaful Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

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    Report

  • 105 Pages
  • January 2022
  • Region: Global
  • IMARC Group
  • ID: 5530527
UP TO OFF until Dec 31st 2022
The global takaful market reached a value of US$ 27.6 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 49.8 Billion by 2027, exhibiting a CAGR of 10.5% during 2022-2027. Keeping in mind the uncertainties of COVID-19, they are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor

Takaful refers to a sharia-compliant insurance system through which members mutually contribute a sum of money, so as to support each other in case of a loss, damage or theft. The objective of takaful is to cooperate, live harmoniously amongst the community and protect each other against uncertain mishaps. The policyholders of takaful contributes regularly on monetary basis which are supervised and managed by a takaful management firm. Nonetheless, the surplus amount invested is then employed for making investments which are helpful for earning a higher profit for the policyholders

Global Takaful Market Drivers/Constraints:

  • Takaful is rapidly gaining momentum, particularly in the Asia Pacific and the GCC region, owing to a large Muslim population. Muslims currently account for a fifth of the total global population and these levels are expected to further increase in the future

Another major driver of the market is that, in contrast to Western countries, the majority of the world’s Muslim population is young with 60% of this entire population being less than 25 years of age. Catalysed by rising levels of affluence, this large young Muslim population has the potential to represent a customer base for a fairly long duration if it is captured early

The penetration of conventional insurance is relatively low in affluent Muslim regions like the GCC. As a result, Takaful is perceived as a key instrument to raise insurance awareness and has huge opportunities in these countries

Catalysed by factors such as an ethical investment policy, strong growth prospects and price competitiveness, Takaful represents a strong business proposition and has a significant share of non-Muslim customers as well

Key Market Segmentation:

The publisher provides an analysis of the key trends in each sub-segment of the global takaful market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on product type

Breakup by Product Type:

  • Life/Family Takaful
  • General Takaful

Based on product type, the market has been segmented as life/family takaful and general takaful. Currently, general takaful dominates the market, holding the largest share

Regional Insights:

Gulf Cooperation Council (GCC)
Southeast Asia
Africa
  • Others

On a geographical front, Gulf Cooperation Council (GCC) enjoys a leading position in the global takaful market as the region has a very large and affluent Muslim population. Other regions include Southeast Asia, Africa and Others

Competitive Landscape:

Some of the leading players operating in the global takaful market include:

  • Islamic Insurance Company
  • JamaPunji
  • AMAN
  • Salama
  • Standard Chartered
  • Takaful Brunei Darussalam Sdn Bhd
  • Allianz
  • Prudential BSN Takaful Berhad
  • Zurich Malaysia
  • Takaful Malaysia
  • Qatar Islamic Insurance Company

This report provides a deep insight into the global takaful market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the takaful industry in any manner

Key Question Answered in this Report

1. What is the expected growth rate of the global takaful market?
2. What are the key factors driving the global takaful market?
3. What has been the impact of COVID-19 on the global takaful market?
4. What is the breakup of the global takaful market based on the product type?
5. What are the key regions in the global takaful market?
6. Who are the key players/companies in the global takaful market?

Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Takaful Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Product Type
5.5 Market Breakup by Region
5.6 Market Forecast
5.7 SWOT Analysis
5.7.1 Overview
5.7.2 Strengths
5.7.3 Weaknesses
5.7.4 Opportunities
5.7.5 Threats
5.8 Value Chain Analysis
5.9 Porters Five Forces Analysis
5.9.1 Overview
5.9.2 Bargaining Power of Buyers
5.9.3 Bargaining Power of Suppliers
5.9.4 Degree of Competition
5.9.5 Threat of New Entrants
5.9.6 Threat of Substitutes
6 Market Breakup by Product Type
6.1 Life/Family Takaful
6.1.1 Overview
6.1.2 Market Drivers
6.1.3 Current and Historical Market Trends
6.1.4 Market Breakup by Region
6.1.5 Market Forecast
6.2 General Takaful
6.2.1 Overview
6.2.2 Market Drivers
6.2.3 Current and Historical Market Trends
6.2.4 Market Breakup by Region
6.2.5 Market Forecast
7 Market Breakup by Region
7.1 Gulf Cooperation Council (GCC)
7.1.1 Overview
7.1.2 Market Drivers
7.1.3 Current and Historical Market Trends
7.1.4 Market Breakup by Country
7.1.5 Market Forecast
7.2 Southeast Asia
7.2.1 Overview
7.2.2 Market Drivers
7.2.3 Current and Historical Market Trends
7.2.4 Market Breakup by Country
7.2.5 Market Forecast
7.3 Africa
7.3.1 Overview
7.3.2 Market Drivers
7.3.3 Current and Historical Market Trends
7.3.4 Market Breakup by Country
7.3.5 Market Forecast
7.4 Others
8 Takaful Regulations
9 Competitive Landscape
9.1 Market Structure
9.2 Key Players
9.3 Profiles of Key Players
9.3.1 Islamic Insurance Company
9.3.2 JamaPunji
9.3.3 AMAN
9.3.4 Salama
9.3.5 Standard Chartered
9.3.6 Takaful Brunei Darussalam Sdn Bhd
9.3.7 Allianz
9.3.8 Prudential BSN Takaful Berhad
9.3.9 Zurich Malaysia
9.3.10 Takaful Malaysia
9.3.11 Qatar Islamic Insurance Company
List of Figures
Figure 1: Global: Takaful Market: Major Drivers and Challenges
Figure 2: Global: Takaful Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Takaful Market: Breakup by Product Type (in %), 2021
Figure 4: Global: Takaful Market: Breakup by Region (in %), 2021
Figure 5: Global: Takaful Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 6: Global: Takaful Industry: SWOT Analysis
Figure 7: Global: Takaful Industry: Value Chain Analysis
Figure 8: Global: Takaful Industry: Porter’s Five Forces Analysis
Figure 9: Global: Takaful Market (Life/Family): Sales Value (in Million US$), 2016-2021
Figure 10: Global: Takaful Market (Life/Family): Breakup by Region (in %), 2021
Figure 11: Global: Takaful Market Forecast (Life/Family): Sales Value (in Million US$), 2022-2027
Figure 12: Global: Takaful Market (General): Sales Value (in Million US$), 2016-2021
Figure 13: Global: Takaful Market (General): Breakup by Region (in %), 2021
Figure 14: Global: Takaful Market Forecast (General): Sales Value (in Million US$), 2022-2027
Figure 15: Gulf Cooperation Council (GCC): Takaful Market: Sales Value (in Million US$), 2016-2021
Figure 16: Gulf Cooperation Council (GCC): Takaful Market: Breakup by Country (in %), 2021
Figure 17: Gulf Cooperation Council (GCC): Takaful Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Southeast Asia: Takaful Market: Sales Value (in Million US$), 2016-2021
Figure 19: Southeast Asia: Takaful Market: Breakup by Country (in %), 2021
Figure 20: Southeast Asia: Takaful Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 21: Africa: Takaful Market: Sales Value (in Million US$), 2016-2021
Figure 22: Africa: Takaful Market: Breakup by Country (in %), 2021
Figure 23: Africa: Takaful Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Others: Takaful Market: Sales Value (in Million US$), 2016-2021
Figure 25: Others: Takaful Market Forecast: Sales Value (in Million US$), 2022-2027
List of Tables
Table 1: Global: Takaful Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Takaful Market Forecast: Breakup by Product Type (in Million US$), 2022-2027
Table 3: Global: Takaful Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 4: Global: Takaful Market: Competitive Structure
Table 5: Global: Takaful Market: Key Players

Companies Mentioned

  • Islamic Insurance Company
  • JamaPunji
  • AMAN
  • Salama
  • Standard Chartered
  • Takaful Brunei Darussalam Sdn Bhd
  • Allianz
  • Prudential BSN Takaful Berhad
  • Zurich Malaysia
  • Takaful Malaysia
  • Qatar Islamic Insurance Company

Methodology

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