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Takaful market Share
The global Takaful market is majorly driven by the increasing Muslim population and their growing economic influence.
SHERIDAN, WYOMING, UNITED STATES, November 15, 2023 /EINPresswire / -- How Big is the Takaful Market ? :
According to latest research report by IMARC Group, titled“Takaful Market: Global industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” The global takaful market size reached US$ 33.6 Billion in 2023 . Looking forward, IMARC Group expects the market to reach US$ 74.0 Billion by 2032, exhibiting a growth rate (CAGR) of 8.9% during 2024-2032.
Takaful Trends:
Takaful, an Islamic insurance concept, is grounded in the principles of mutual risk-sharing and cooperation. This system operates on the idea of the collective pooling of resources by participants to protect each other against specific risks or losses. In contrast to conventional insurance, Takaful aligns with Islamic law (Sharia), which prohibits usury, uncertainty, and gambling. There are two main types of Takaful: Family Takaful, akin to life insurance, providing long-term savings and protection, and General Takaful, similar to conventional non-life insurance, covering risks such as health, property, and vehicles. A key aspect of Takaful is the absence of a guaranteed return and the sharing of surplus (profit) among the policyholders. The advantages of Takaful include ethical investment policies, the absence of interest-based transactions, and the promotion of risk mitigation through mutual cooperation.
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Leading Players Profiled in this Report:
.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 Growth Analysis:
The global Takaful market is majorly driven by the increasing Muslim population and their growing economic influence. Along with this, the growing awareness and understanding of Takaful principles, coupled with the desire for Sharia-compliant financial products, are major drivers of this market. Along with this, governments in these regions are actively promoting Takaful through supportive regulations and frameworks, fostering market development. In addition, the increasing integration of technology in Takaful services, enhancing accessibility and customer experience, is positively influencing the market. Moreover, the rise of InsurTech in the Takaful sector, offering innovative digital solutions, including mobile apps and online platforms, is attracting a younger, tech-savvy demographic. The market is also benefiting from the broader trend of financial inclusion, with Takaful extending insurance coverage to traditionally underserved segments of the population. Apart from this, the diversification of Takaful products, catering to various needs such as health, education, and investment, is expanding the market's reach. Furthermore, the growing global interest in ethical and socially responsible investments is creating a positive market outlook.
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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
Who we are:
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.
Anand Ranjan
IMARC Services Private Limited
+1 6317911145
email us here
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