As stated in our exclusive report, the Global Takaful Insurance Market accounted forUSD 25.1 Billionin the year 2021. Takaful refers to a sharia-compliant insurance system where members jointly donate a sum of money to support each other in the event of a loss, damage, or theft. The purpose of takaful is to co-operate, live in harmony within the community, and protect one another from uncertain dangers. Takaful policyholders regularly donate according to the funds managed and managed by the takaful management company. However, the amount invested is then used to make sound investments in achieving higher profits for policyholders.
The outbreak of the COVID-19 epidemic has had a modest impact on market growth. However, the epidemic has caused substantial financial losses for people worldwide, affecting the collections made by takaful insurers. In addition, due to limited spending capacity during the epidemic, participants could not contribute significant amounts of money to Takaful Insurance.
Increased awareness of Takaful Insurance in Muslim and non-Muslim countries has increased market penetration by providing better services than conventional insurance, which is a significant factor contributing to market growth. In addition, the distribution of accumulated funds between members in the absence of applications and the adoption of technology in the Takaful Insurance Market are some factors that promote market growth. However, the lack of suspension due to differences between countries in making changes to Takaful Insurance regulations and limited awareness about the coverage of Takaful Insurance are some of the major factors hindering the growth of the Takaful Insurance Market.
On the contrary, the government's plans to grow the Takaful Insurance market by supporting new companies to enter the market quickly will help new players offer new products to consumers. In addition, advances in insurance-applied technologies such as blockchain, forecasting analysis, and performance intelligence, to name a few, are expected to significantly boost the Takaful Insurance Market in the coming years.
is expected to dominate the growth of theTakaful Insurance Market.
Notable and prominent players in the Global Takaful Insurance Market include- 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 and others.