According to the "Islamic Financial Services Industry Stability 2019" report published by the Islamic Financial Services Board (IFSB), Takaful's total premiums in the MENA region rose by 8.2% to 10.2 billion USD in 2017. The Takaful industry's contribution to the MENA insurance market [4] thus stands at 31%, according to these figures.
Among the countries in the region (Algeria, Egypt, Iran, Jordan, Palestine, Sudan, Tunisia and Turkey), Iran is the largest contributor with 7.9 billion USD in premiums (+2.5%).
Takaful's business in Sudan is valued at 450 million USD (+18%), with the non-life segment accounting for 90% of the total contribution. The Jordanian market would weigh 88.86 million USD in 2017 (+3.4%), or 10.6% of the local market. The general takaful segment in Egypt is valued at 58. 8 million USD and would contribute to the local market by 9%.
In Tunisia and Algeria, as in several other countries in the region, Islamic insurance is still at its beginning according to the report, despite constant growth. In Turkey, an increase in this segment is observed following the implementation of a regulatory framework for participatory insurance.