Market Analysis and Insights
The global takaful insurance market was valued at $24,850.54 million in 2020, and is projected to reach $97,170.73 million by 2030, registering a CAGR of 14.6% from 2021 to 2030.
Key Findings of the Takaful Insurance Market Report:
- The agents & brokers segment was the highest contributor to the market, with $14,178.52 million in 2020, and is estimated to reach $52,795.66 million by 2030, at a CAGR of 14.0% during the forecast period.
- Takaful insurance is considered as the main form of insurance practices in the Muslim majority countries such as UAE, Afghanistan, Bahrain, and others. Thus, this is a major factor boosting the growth of takaful insurance market.
- In takaful insurance, usually there is a surplus amount left after all the claims are resolved and those amounts are shared among the participants. Since, the premium is considered as a donation by the participants, a small portion of surplus amount is given to the organizer of the takaful for managing the process of insurance. While the rest of the amount is distributed equally among the participants. Therefore, this concept of profit sharing attracts lot of people to invest in takaful insurance rather than conventional insurance. Therefore, the chances of incurring loss are minimized to a great extent. Thus, these factors are propelling the growth of takaful insurance market.
- The general takaful segment was the highest contributor to the market, with $18,555.56 million in 2020, and is estimated to reach $67,142.54 million by 2030, at a CAGR of 14.0% during the forecast period.
- GCC was the highest revenue contributor, is estimated to reach $39,626.22 million by 2030, with a CAGR of 13.7%. Asia is estimated to reach $18,899.71 million by 2030, at a significant CAGR of 17.5%. The takaful insurance industry in GCC is highly technical and has a massive demand for takaful insurance over convention insurance across the region. Moreover, UAE and Qatar include huge number of takaful insurance provides and score the highest technical efficiency, while Saudi Arabia and UAE are the most cost efficient among the GCC countries.
- Demographic influences such as the increasing population base, large workforce of foreigners, and increasing life expectancy are likely to have an optimistic influence on the demand of takaful insurance products in GCC.
Research Methodology
Our research methodology constitutes a mix of secondary & primary research which ideally starts from exhaustive data mining, conducting primary interviews (suppliers/distributors/end-users), and formulating insights, estimates, growth rates accordingly. Final primary validation is a mandate to confirm our research findings with Key Opinion Leaders (KoLs), Industry Experts, Takaful Insurance includes major supplies & Independent Consultants among others
Market Segmentation
The Takaful Insurance market is segmented on the basis of type, application, end-use industry, and region & country.
Global Takaful Insurance Market by Type
Based on Takaful Insurance type, the market is divided into type Family Insurance, General Insurance, Property & Fire Insurance, Medical & Health Insurance, Others. Takaful Insurance market's sub-segment is expected to hold the largest market share during the forecast period. Increased demand for high-quality industrial valves in the Banking and Finance and other industries. Also to mitigate the risk of contamination is driving the demand for Takaful Insurance at present. The growing concern about the market and industry is expected to boost the Takaful Insurance market in Banking and Finance.
Global Takaful Insurance Market by Application
Based on Takaful Insurance application, the market is divided into Personal, Commercial. Takaful Insurance application valves are one of the most basic and indispensable components of today's modern technological society. Market segment is expected to hold the largest market share in the global Takaful Insurance market.
Global Market Scope and Takaful Insurance Market Size
The scope of the report is to provide a 360-degree view of the market by assessing the entire value chain and analyzing the key Takaful Insurance market trends from 2021 to 2027 underlying in specific geographies. Qualitative and quantitative aspects are interlinked to provide rationales on market numbers, CAGR, and forecasts.
Takaful Insurance Market Country Level Analysis
Most of the countries are estimated to emerge as a fastest growing region and hold the largest market share in the global industrial Takaful Insurance market, mainly due to Growing industory trends of present situations, which cannot be ignored. Geographically, regional insights has been segmented on the basis of North America, Europe, Asia Pacific, South America and The Middle East And Africa region.
Key Takaful Insurance market players identified in the report are listed below
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

Some of the other major highlights of the demand for Takaful Insurance report include analysis, purchasing volume, prices, pricing analysis, and regulatory framework. Coverage on manufacturing structure, distribution channels, and Porter’s Five Forces analysis are also incorporated in the scope to provide analysis on the demand and supply side. This is anticipated to create opportunities for the growth of the Takaful Insurance market during the forecast period.
COVID-19 Impact Analysis
- The COVID-19 pandemic had a significant impact on the on trade segment and Industry.
- Manufacturers are comprehending strategies to revive from the current situation by means of reshaping their sales channels as well as product innovation.
- The duration of the virus outbreak remains a key factor in assessing the overall impact of the pandemic. However, the global Takaful Insurance industry is expected to stabilize after 2021.
- The liquor industry was not impacted severely due to the pandemic.
Key Takaful Insurance Market Trends
- The report identifies, determines, and forecasts the Global Takaful Insurance Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Takaful Insurance Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in the Takaful Insurance Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Takaful Insurance Market.
Table of Contents
Study Coverage: It includes key manufacturers covered, key market segments, the scope of products offered in the global Takaful Insurance market, years considered, and study objectives. Additionally, it touches the segmentation study provided in the report on the basis of the type of product and application.
Executive Summary: It gives a summary of key studies, market growth rate, competitive landscape, market drivers, trends, and issues, and macroscopic indicators.
Production by Region: Here, the report provides information related to import and export, production, revenue, and key players of all regional markets studied.
Profile of Manufacturers: Each player profiled in this section is studied on the basis of SWOT analysis, their products, production, value, capacity, and other vital factors.
Takaful Insurance Market Growth is segmented on the basis of market type, application, end-user and region.
Based on Type
Family Insurance
General Insurance
Property & Fire Insurance
Medical & Health Insurance
Others
Based on Application
Personal
Commercial
Regions Covered
Americas
North America
United States
Canada
Mexico
South America
Brazil
Argentina
Chile
Colombia
Rest Of Latin America
Europe
United Kingdom
Germany
France
Italy
Spain
Netherlands
Sweden
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Singapore
Indonesia
Malaysia
Thailand
Philippines,
Vietnam
Rest of Asia-Pacific
The Middle East And Africa
Saudi Arabia
United Arab Emirates
South Africa
Iran
Turkey
Morocco
Nigeria
Algeria
Cameroon
Chad
Congo
Egypt
Kuwait
Rest of LAMEA
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