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A report published by research firm Market Research Future suggests that the Takaful insurance sector will generate a turnover of 85.38 billion USD in 2032, against 38.02 billion USD in 2023. The average annual growth rate over the period is estimated at 9.41%.
This market is dominated by the MENA zone (Middle East and North Africa), due to strong demand in Muslim-majority countries. This region is followed by Southeast Asia, South Asia and Africa (sub-Saharan regions in particular).
The main companies operating in the Takaful segment include:
| Company | Country |
|---|---|
| Takaful Emarat Insurance Company | United Arab Emirates |
| Hong Leong Assurance | Malaysia |
| Ethica Takaful Insurance | Malaysia |
| SALAMA Cooperative Insurance Company | Saudi Arabia |
| Tokio Marine Life Insurance Malaysia | Malaysia |
| Solidarity Takaful Soudan | Sudan |
| AlRajhi Takaful | Saudi Arabia |
| Allianz Malaysia Berhad | Malaysia |
| Zurich Takaful Malaysia Berhad | Malaysia |
| Oman Insurance Company (Sukoon) | United Arab Emirates |
| Al Hilal Takaful | United Arab Emirates |
| AXA Affin General Takaful | Malaysia |
The growth of the Muslim population worldwide, the greater awareness of Shariah-compliant financial products, the rising demand for health and life coverage, and the technological advances are among the factors driving the development of the Takaful business.
Yet, despite growing interest, Takaful insurance remains less well known than traditional insurance due to a limited understanding of how the sector works, not to mention the fierce competition with traditional insurers.
