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Islamic Insurance market 2024
The global Islamic Insurance market is expected to grow from 30 Billion USD in 2023 to 50 Billion USD by 2030, with a CAGR of 15.2% from 2024 to 2030
HTF Market Intelligence Consulting is uniquely positioned to empower and inspire with research and consulting services to empower businesses with growth strategies, by offering services.” - Nidhi BhawsarPUNE, MAHARASHTRA, INDIA, October 1, 2024 /EINPresswire / -- HTF MI recently introduced Global Islamic Insurance Market study with 143+ pages in-depth overview, describing about the Product / Industry Scope and elaborates market outlook and status (2024-2030). The market Study is segmented by key regions which is accelerating the marketization. At present, the market is developing its presence and some of the key players from the complete study are Salama Family Takaful (United Arab Emirates), Dubai Islamic Insurance & Reinsurance Company (United Arab Emirates), Etiqa Takaful Berhad (Malaysia), Qatar Islamic Insurance Company (Qatar), Al Ahlia Takaful (Bahrain), Dar Al Takaful (United Arab Emirates), Kuwait Insurance Company (Kuwait), Bajaj Allianz Takaful Limited (India), Warba Insurance Company (Bahrain), Abu Dhabi National Takaful Company (United Arab Emirates).
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According to HTF Market Intelligence, the Global Islamic Insurance market is expected to grow from 30 Billion USD in 2023 to 50 Billion USD by 2030, with a CAGR of 15.2% from 2024 to 2030. The market is segmented by Global Islamic Insurance Market Breakdown by Application (Personal, Commercial, Others) by Type (Family Takaful, General Takaful) by Distribution channel (Agents and Brokers, Banks, Direct Response, Others) and by Geography (North America, South America, Europe, Asia Pacific, MEA).
Definition:
Takaful, or Islamic insurance, provides a Sharia-compliant alternative to traditional insurance. It is predicated on shared accountability and mutual aid. Rather than paying dues, members contribute to a fund that supports those who have suffered injury or financial loss. Islamic insurance, in contrast to conventional insurance, forbids gharar (uncertainty) and riba (interest). In addition, clients of traditional insurance pay a premium to the company, which is then invested to pay claims. This procedure occasionally involves curiosity. In contrast, everyone contributes to a common fund in takaful. The fund is managed by the takaful company, which charges a fee for its services. After paying claims, any remaining funds are distributed among participants in accordance with the terms of the profit-sharing agreement. By doing this, riba is avoided.
Market Drivers:
.the demand for Sharia-compliant financial instruments, and the growing Muslim population,
Market Opportunities:
.technological advancements and innovation in Sharia-compliant products
Dominating Region:
.Middle East
Fastest-Growing Region:
.Asia-Pacific
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The titled segments and sub-section of the market are illuminated below:
In-depth analysis of Islamic Insurance market segments by Types: Family Takaful, General Takaful
Detailed analysis of Islamic Insurance market segments by Applications: Personal, Commercial, Others
Geographically, the detailed analysis of consumption, revenue, market share, and growth rate of the following regions:
.The Middle East and Africa (South Africa, Saudi Arabia, UAE, Israel, Egypt, etc.)
.North America (United States, Mexico & Canada)
.South America (Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, etc.)
.Europe (Turkey, Spain, Turkey, Netherlands Denmark, Belgium, Switzerland, Germany, Russia UK, Italy, France, etc.)
.Asia-Pacific (Taiwan, Hong Kong, Singapore, Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia).
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Islamic Insurance Market Research Objectives:
- Focuses on the key manufacturers, to define, pronounce and examine the value, sales volume, market share, market competition landscape, SWOT analysis, and development plans in the next few years.
- To share comprehensive information about the key factors influencing the growth of the market (opportunities, drivers, growth potential, industry-specific challenges and risks).
- To analyze the with respect to individual future prospects, growth trends and their involvement to the total market.
- To analyze reasonable developments such as agreements, expansions new product launches, and acquisitions in the market.
- To deliberately profile the key players and systematically examine their growth strategies.
FIVE FORCES & PESTLE ANALYSIS:
In order to better understand market conditions five forces analysis is conducted that includes the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
. Political (Political policy and stability as well as trade, fiscal, and taxation policies)
. Economical (Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates)
. Social (Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles)
. Technological (Changes in digital or mobile technology, automation, research, and development)
. Legal (Employment legislation, consumer law, health, and safety, international as well as trade regulation and restrictions)
. Environmental (Climate, recycling procedures, carbon footprint, waste disposal, and sustainability)
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Points Covered in Table of Content of Global Islamic Insurance Market:
Chapter 01 – Islamic Insurance Executive Summary
Chapter 02 – Market Overview
Chapter 03 – Key Success Factors
Chapter 04 – Global Islamic Insurance Market – Pricing Analysis
Chapter 05 – Global Islamic Insurance Market Background or History
Chapter 06 - Global Islamic Insurance Market Segmentation (e.g. Type, Application)
Chapter 07 – Key and Emerging Countries Analysis Worldwide Islamic Insurance Market
Chapter 08 – Global Islamic Insurance Market Structure & worth Analysis
Chapter 09 – Global Islamic Insurance Market Competitive Analysis & Challenges
Chapter 10 – Assumptions and Acronyms
Chapter 11 – Islamic Insurance Market Research Methodology
Thanks for reading this article; you can also get individual chapter-wise sections or region-wise report versions like North America, LATAM, Europe, Japan, Australia or Southeast Asia.
Nidhi Bhawsar
HTF Market Intelligence Consulting Private Limited
+ +1 507-556-2445
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