Global Takaful Market Projected to Reach $45.95 Billion by 2027, Driven by Technological Advancements and Increasing Muslim Population
Global Takaful Market
Dublin, July 14, 2023 (GLOBE NEWSWIRE) — The “Takaful Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
The global takaful market is set to experience substantial growth, reaching $45.95 billion by 2027 at a compound annual growth rate (CAGR) of 11.5%. According to this market research report, the market is expected to grow from $26.5 billion in 2022 to $29.73 billion in 2023 at a CAGR of 12.2%.
Technological advancements emerge as a prominent trend in the takaful market, with key companies introducing innovative solutions to maintain their market position. For example, Cyber Village Sdn Bhd (CBV) recently launched a peer-to-peer community-based family takaful application, combining Takaful, mutual aid, and the P2P concept. This technological solution offers seamless customer onboarding, mobile functionality, self-service options, and proactive communications.
In another significant development, Dar Al Takaful and the National Takaful Company merged in July 2022, aiming to enhance their offerings through collaborative efforts and technology development.
Asia-Pacific dominated the takaful market in 2022 and is expected to be the fastest-growing region during the forecast period. The regions covered in the takaful market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The takaful market’s growth is fueled by the expanding Muslim population worldwide, which practices the concept of shared responsibilities inherent in Islam. Islam is the second-largest religion globally, with over two billion followers, and is projected to surpass Christianity by 2050. As the Muslim population increases, the takaful market is expected to flourish.
Leading players in the takaful market include Abu Dhabi National Takaful Co., Allianz SE, AMAN Insurance Company, Islamic Insurance Company, Prudential BSN Takaful Berhad, and many more.
Key Reasons to Purchase:
- Gain a comprehensive global perspective with coverage of 50+ geographies.
- Understand the market’s response to COVID-19 and its recovery.
- Assess the impact of the Russia-Ukraine conflict on agriculture, energy, and mineral commodity supply and its influence on the market.
- Analyze the market growth implications of high global inflation.
- Develop regional and country strategies based on local data and analysis.
- Identify investment opportunities in growth segments.
- Outperform competitors using forecast data and understanding market drivers and trends.
- Utilize the latest market share data to understand customer dynamics.
- Benchmark performance against key competitors.
- Leverage reliable high-quality data and analysis for internal and external presentations.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 250 |
| Forecast Period | 2023-2027 |
| Estimated Market Value (USD) in 2023 | $29.73 billion |
| Forecasted Market Value (USD) by 2027 | $45.95 billion |
| Compound Annual Growth Rate | 11.5% |
| Regions Covered | Global |
Report Chapters
1. Executive Summary
2. Takaful Market Characteristics
3. Takaful Market Trends and Strategies
4. Takaful Market – Macro Economic Scenario
5. Takaful Market Size and Growth
6. Takaful Market Segmentation
7. Takaful Market Regional and Country Analysis
8. Asia-Pacific Takaful Market
9. China Takaful Market
10. India Takaful Market
11. Japan Takaful Market
12. Australia Takaful Market
13. Indonesia Takaful Market
14. South Korea Takaful Market
15. Western Europe Takaful Market
16. UK Takaful Market
17. Germany Takaful Market
18. France Takaful Market
19. Eastern Europe Takaful Market
20. Russia Takaful Market
21. North America Takaful Market
22. USA Takaful Market
23. South America Takaful Market
24. Brazil Takaful Market
25. Middle East Takaful Market
26. Africa Takaful Market
27. Takaful Market Competitive Landscape and Company Profiles
28. Key Mergers and Acquisitions in the Takaful Market
29. Takaful Market Future Outlook and Potential Analysis
30. Appendix
A selection of companies mentioned in this report includes:
- Abu Dhabi National Takaful Co.
- Allianz SE
- AMAN Insurance Company
- Islamic Insurance Company
- Prudential BSN Takaful Berhad
- Qatar Islamic Insurance Company
- SALAMA Islamic Arab Insurance Company
- Syarikat Takaful Brunei Darussalam
- Takaful International Co. Ltd.
- Zurich Malaysia
- Takaful Malaysia
- Al Ain Ahlia Insurance Co.
- Allied Cooperative Insurance Group
- Re-Takaful Company
- Noor Takaful Family PJSC
- Takaful Re Limited
For more information about this report visit https://www.researchandmarkets.com/r/mgg3pu
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
CONTACT:
CONTACT: ResearchAndMarkets.com
Laura Wood,Senior Press Manager
[email protected]
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
