Takaful Insurance: 23.2 billion USD of gross premiums in 2015

Ten years ago, the premiums collected by Islamic insurance amounted to 5 billion USD. According to the last report of Islamic Financial Industry Services, the turnover of Takaful insurance reached 23.2 billion USD in 2015. A progression of 5% in comparison with 2014.

Gulf Cooperation Council States (GCC) get hold of 45% of this amount, that is, 10.4 billion USD. Nearly 31% (7.1 billion USD) are accounted for by the MENA region excluding GCC, 22% to Asia (5.2 billion USD) and 2% to Sub-Sahara Africa (0.5 billion USD). Three countries contribute with 85% of the premiums. They are Saudi Arabia (37%), Iran (34%) and Malaysia (14%).

Read also:

• Somalia: Launch of the first Takaful company in the country [4]
• Saudi Arabia: Weqaya Takaful in difficult position [5]