(MENAFN- EIN Presswire) Takaful Market
DUBAI, UAE, April 6, 2023 /einpresswire.com / -- According to latest research report by IMARC Group, titled“Takaful Market: Global industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The global takaful market size reached US$ 30.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 54.9 Billion by 2028, exhibiting a growth rate (CAGR) of 10.2% during 2023-2028.
Takaful Market Overview:
Takaful is an Islamic insurance concept that works on the principle of mutual assistance or cooperation. It is based on the Islamic principle of tabarru, which means a contribution done by community members towards a common fund to help each other in times of need. It is a form of mutual insurance wherein members contribute to a shared pool of funds to provide protection and security in the event of any financial loss. The main difference between takaful and conventional insurance is that takaful is based on Islamic principles, such as risk sharing, cooperation, and mutual assistance. Participants in a takaful policy pay a regular amount of money which a takaful management firm manages, which is then invested in order to gain a higher return for the policyholders.
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largest takaful companies in the world :
.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
Takaful Market Driving Factors:
The rising awareness regarding the benefits of takaful majorly drives the global market. Coupled with the increasing number of Islamic financial institutions offering takaful products to a wider range of potential customers and business partners is a major driving factor. Due to the greater media coverage of Takaful products and financial institution initiatives, has raised awareness and understanding of these goods, which is significantly supporting the market. Additionally, several government agencies are introducing favorable regulations for takaful companies, including access to the same distribution networks as traditional insurance companies, enabling them to reach a larger audience is creating a positive market outlook. With the rising demand for risk mitigation products and services provided by Takaful that offer a Sharia-compliant way to protect against potential losses, is providing a significant boost to the market.
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Takaful Market Demand Analysis:
Moreover, the liberalization of takaful regulations in various countries opens the market to more participants and allows more significant innovation in the sector, this is providing a thrust to the demand. Along with this, takaful providers are increasing their product offerings to meet their customers' needs better, by introducing more comprehensive coverage options and tailoring their products to different customer segments is another growth-inducing factor. In line with this, the growing adoption of digital channels, such as mobile and online, among key players to sell their products and services conveniently and efficiently is also driving the market. Furthermore, the integration of big data, analytics, and artificial intelligence (AI) to improve the operational efficiency of Takaful products is creating a positive market outlook. Some of the other factors driving the market include the escalating number of strategic partnerships and penetration of high-speed internet connectivity.
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Key Market Segmentation:
Breakup by Product Type:
.Life/Family Takaful
.General Takaful
Regional Insights:
.Gulf Cooperation Council (GCC)
.Southeast Asia
.Africa
.Others
TOC for the Takaful Market Research Report:
.Preface
.Scope and Methodology
.Executive Summary
.Introduction
.Global Takaful Market
.SWOT Analysis
.Value Chain Analysis
.Price Analysis
.Competitive Landscape
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About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Elena Anderson
IMARC Services Private Limited
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