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The growing Muslim population is likely to stimulate innovation in takaful manufacture, propelling the market throughout the forecast period.

The global takaful market is expected to grow from $26.50 billion in 2022 to $29.73 billion in 2023 at a compound annual growth rate (CAGR) of 12.2%. The global takaful market size is expected to grow to $45.95 billion in 2027 at a CAGR of 11.5%.

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Global Takaful Market Segments Include:

• By Type: Family Takaful, General Takaful
• By Distribution Channel: Agents and Brokers, Banks, Direct Response, Other Channels
• By Application: Personal, Commercial
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global takaful market in 2021.

Major Market Players in the takaful market include Abu Dhabi National Takaful Co., Allianz SE, AMAN Insurance Company, Islamic Insurance Company, Prudential BSN Takaful Berhad, Qatar Islamic Insurance Company.

Technological developments are a major trend that is gaining traction in the takaful market. To maintain their market position, major industry players are introducing technologically sophisticated solutions. For example, Cyber Village Sdn Bhd (CBV), a Malaysia-based digital engagement technology solution provider, will introduce the industry’s first peer-to-peer community-based family takaful application in November 2020. CBV’s Insurtech P2P technology serves as the foundation for the platform. It integrates Takaful, mutual aid, and the peer-to-peer concept into a single platform, allowing a group of people to pool their money to insure against a risky event. The Takaful Operator can use the platform to address members’ requests for mobile capabilities, self-service options, and proactive messaging, such as quick and effective digital customer onboarding. The platform’s ledger architecture and digital wallet capabilities enable community members to have a more smooth and personalised consumer journey.

The Takaful Global Market Report 2023 provides a takaful market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The takaful market forecast analyzes takaful market size, takaful market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Takaful is an Islamic insurance system in which members of a group donate money to a pool system from which a person facing damages or losses can claim. This system is based on Islamic Sharia law and is beneficial to those in need of an insurance system.

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