(MENAFN- Ameliorate Digital Consultancy) The global takaful market size was nearly USD 24.1 billion in 2020. The industry is further expected to grow at a CAGR of 13.5% in the forecast period of 2022-2028 to attain USD 49.5 billion by 2028.
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.
The Global“ Takaful Market ” Research report give detailed information with reference to market size, share, trends, growth, cost revenue, capacity, and forecast till 2028. This report also contains the general and in-depth study of the Takaful market with all its aspects influencing the growth of the market. The purpose of the market research report is to thoroughly evaluate the current market scenario and gain a review about the Takaful industry and its commercial possibilities. As a consequence of the Russia-Ukraine War and COVID-19, the world economy will recover, and generate a lot of revenue till 2028.
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Key Players Mentioned in the Takaful Market Research Report:
Takaful Brunei Darussalam Sdn Bhd, Qatar Islamic Insurance Company, Islamic Insurance Company, Malayan Banking Berhad, Standard Chartered, HSBC Amanah Takaful, Salama, Allianz, Dubai Islamic Bank, Bank Mandiri, Takaful Malaysia, Prudential BSN Takaful Berhad, Zurich Malaysia, JamaPunji, PT. Asuransi Jiwa BRINGIN JIWA SEJAHTERA, AMAN.
Market Overview:
Takaful insurance is considered as the main form of insurance in Muslim majority countries. Hence, it is considered an important factor in boosting the market growth. Moreover, in takaful insurance, the investment profits are distributed among the participants and furthermore, premium amount collected from the members is returned, in case there are no claims. Thus, these are some of the major factors that propel the takaful insurance market growth. However, lack of standardization in takaful insurance due to regional differences and lower consumer awareness toward takaful insurance are some of the factors that limit the market growth. Furthermore, since a large number of world's population is Muslim, there is an untapped market potential for the takaful market. This, as a result is expected to create huge opportunities in the in the upcoming years.
Regional Analysis:
The market was dominated by GCC in 2020, and is expected to retain its position during the forecast period. The growth is attributed to improvement in the awareness about the benefits of takaful insurance is driven by the latest political and catastrophic events. Moreover, demographics 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. However, Asia is expected to witness significant growth during the forecast period, owing to rising digitization in various Asian countries and adoption of advance technology by the takaful insurance service provider to increase their sales and upsurge their market value is propelling the growth of the market in this region.
On The Basis of Types: –
Micro-takaful
General takaful
On The Basis of Application: –
Individual customers
Corporate customers
The regions are further sub-divided into:
– North America (US, Mexico, Canada)
– Europe (Russia, Ukraine, France, Spain, Sweden, Norway, Germany, Finland, Poland, Italy, United Kingdom, Greece, Austria, Denmark, Switzerland, Netherlands, Belgium, Turkey, Luxembourg)
– Asia-Pacific (China, Japan, India, Australia, South Korea, Taiwan, Malaysia, Philippines, Thailand, Singapore)
– South America (Brazil, Argentina, Peru, Chile)
– Middle East and Africa (Bahrain, Egypt, Israel, Kuwait, Qatar, Saudi Arabia, United Arab Emirates, South Africa)
Russia-Ukraine War Impact 2022: Economic Sanctions Imposed by the United States & its Allies on the Russian Federation Negatively Affected the market .
“The economic sanctions imposed by the U.S. and its allies on the Russian Federation are expected to affect this industry's growth. Furthermore, the war negatively affected the global industries leading to import and export flow disruptions. The dominance of Russia and roscosmos, a quasi-civilian space agency in the commercial space, affected alternative launch service providers in India, Japan, Europe, and the U.S. These factors negatively affected the market during the war.”
The impact of the Takaful market report:
– Comprehensive assessment of all opportunities and risk in the Takaful market.
– Takaful market recent innovations and major events.
– Detailed study of business strategies for growth of the Takaful market-leading players.
– Conclusive study about the growth plot of Infrared Imaging market for forthcoming years.
– In-depth understanding of Takaful market-particular drivers, constraints and major micro markets.
– Favourable impression inside vital technological and market latest trends striking the Takaful market.
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Key Takeaways from Takaful Report
─Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level – for product types, end use applications and by different industry verticals
─Understand the different dynamics influencing the Takaful market – key driving factors, challenges and hidden opportunities.
─Get in-depth insights on your competitor performance – Takaful market shares, strategies, financial benchmarking, product benchmarking, SWOT and more
─Analyze the sales and distribution channels across key geographies to improve top-line revenues.
─Understand the industry supply chain with a deep dive on the value augmentation at each step, in order to optimize value and bring efficiencies in your processes.
─Get a quick outlook on the market entropy – M&A's, deals, partnerships, product launches of all key players for the past 4 years.
─Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the Takaful.
The research covers historical data from 2017 to 2022 and predictions through 2028, making it a priceless tool for business leaders, marketing, sales, and product managers, consultants, analysts, and stakeholders searching for essential industry data in easily accessible documents with logically laid out tables and graphs.
We Offer Customization on Report Based on Specific Client Requirement:
– Free Country Level analysis for any 5 countries of your choice.
– Free Competitive analysis of any 5 key market players.
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