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Global Takaful Insurance Market to reach USD 74 billion by 2028

Global Takaful Insurance Market Size study, by Distribution Channel (Agents and Brokers, Banks, Direct Response, Others), by Type (Family Takaful, General Takaful), by Application (Personal, Commercial) and Regional Forecasts 2022-2028

Product Code: BFCS-58231831
Publish Date: 30-04-2022
Page: 200

Global Takaful Insurance Market is valued at approximately USD 28.5 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 14.6 % over the forecast period 2022-2028. Takaful Insurance is a form of Islamic insurance in which members pool their funds to protect each other against loss or injury. Takaful insurance is founded on sharia, or Islamic religious law, which describes how people are obligated to work together and protect one another. Takaful policies provide coverage for health, life, and other types of insurance. Rise in demand for Takaful Insurance in Islamic countries, distribution of profits from investments among both participants, large number of benefits have driven the adoption of Takaful Insurance across the projected period. For Instance: In 2019, there were 336 general takaful operators operating around the world. The overall takaful assets were around 51 billion dollars in the same year, with Turkey having the fastest expanding markets. Also, unexploited potential of Takaful Insurance is most likely to boost the overall growth of the Takaful Insurance Market. However, lack of awareness and lack of uniformity in the market due to regional differences can obstruct the market’s expansion over the projection period of 2022-2028.

The key regions considered for the Global Takaful Insurance Market study include Asia Pacific, North America, Europe, Latin America and Rest of the World. GCC is the leading/significant region across the world. Rapid adoption of policies is driving the market growth in North America. Whereas, Asia Pacific is also anticipated to exhibit the highest growth rate over the forecast period 2022-2028. The market is expected to grow during the projected period due to rising demand in this region.

Major market players included in this report are:
Abu Dhabi National Takaful Co.
AMAN Insurance
Islamic Insurance
Prudential BSN Takaful Berhad
Qatar Islamic Insurance
SALAMA Islamic Arab Insurance Co.
Syarikat Takaful Brunei Darussalam
Takaful International
Zurich Malaysia

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Distribution Channel:
Agents and Brokers
Direct Response

By Type:
Family Takaful
General Takaful

By Application:

By Region:
North America

Asia Pacific
South Korea
Latin America
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2018, 2019, 2020
Base year – 2021
Forecast period – 2022 to 2028

Target Audience of the Global Takaful Insurance Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2028 (USD Billion)
1.2.1. Takaful Insurance Market, by Region, 2020-2028 (USD Billion)
1.2.2. Takaful Insurance Market, by Distribution Channel, 2020-2028 (USD Billion)
1.2.3. Takaful Insurance Market, by Type, 2020-2028 (USD Billion)
1.2.4. Takaful Insurance Market, by Application, 2020-2028 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Takaful Insurance Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Takaful Insurance Market Dynamics
3.1. Takaful Insurance Market Impact Analysis (2020-2028)
3.1.1. Market Drivers Rise in demand for Takaful Insurance in Islamic countries Distribution of profits from investments among both participants Large number of benefits
3.1.2. Market Challenges Lack of awareness Lack of uniformity in the market due to regional differences
3.1.3. Market Opportunities Unexploited potential of the Takaful Insurance Market
Chapter 4. Global Takaful Insurance Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2019-2028)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
4.5. Top investment opportunity
4.6. Top winning strategies
Chapter 5. Risk Assessment: COVID-19 Impact
5.1.1. Assessment of the overall impact of COVID-19 on the industry
5.1.2. Pre COVID-19 and post COVID-19 market scenario
Chapter 6. Global Takaful Insurance Market, by Distribution Channel
6.1. Market Snapshot
6.2. Global Takaful Insurance Market by Distribution Channel, Performance – Potential Analysis
6.3. Global Takaful Insurance Market Estimates & Forecasts by Distribution Channel, 2019-2028 (USD Billion)
6.4. Takaful Insurance Market, Sub Segment Analysis
6.4.1 Agents and Brokers
6.4.2 Banks
6.4.3 Direct Response
6.4.4 Others
Chapter 7. Global Takaful Insurance Market, by Type
7.1. Market Snapshot
7.2. Global Takaful Insurance Market by Type, Performance – Potential Analysis
7.3. Global Takaful Insurance Market Estimates & Forecasts by Type, 2019-2028 (USD Billion)
7.4. Takaful Insurance Market, Sub Segment Analysis
7.4.1 Family Takaful
7.4.2 General Takaful
Chapter 8. Global Takaful Insurance Market, by Application
8.1. Market Snapshot
8.2. Global Takaful Insurance Market by Application, Performance – Potential Analysis
8.3. Global Takaful Insurance Market Estimates & Forecasts by Application, 2019-2028 (USD Billion)
8.4. Takaful Insurance Market, Sub Segment Analysis
8.4.1 Personal
8.4.2 Commercial
Chapter 9. Global Takaful Insurance Market, Regional Analysis

9.1. Takaful Insurance Market, Regional Market Snapshot
9.2. North America Takaful Insurance Market
9.2.1. U.S. Takaful Insurance Market Distribution Channel breakdown estimates & forecasts, 2019-2028 Type breakdown estimates & forecasts, 2019-2028 Application breakdown estimates & forecasts, 2019-2028
9.2.2. Canada Takaful Insurance Market
9.3. Europe Takaful Insurance Market Snapshot
9.3.1. U.K. Takaful Insurance Market
9.3.2. Germany Takaful Insurance Market
9.3.3. France Takaful Insurance Market
9.3.4. Spain Takaful Insurance Market
9.3.5. Italy Takaful Insurance Market
9.3.6. Rest of Europe Takaful Insurance Market
9.4. Asia-Pacific Takaful Insurance Market Snapshot
9.4.1. China Takaful Insurance Market
9.4.2. India Takaful Insurance Market
9.4.3. Japan Takaful Insurance Market
9.4.4. Australia Takaful Insurance Market
9.4.5. South Korea Takaful Insurance Market
9.4.6. Rest of Asia Pacific Takaful Insurance Market
9.5. Latin America Takaful Insurance Market Snapshot
9.5.1. Brazil Takaful Insurance Market
9.5.2. Mexico Takaful Insurance Market
9.6. Rest of The World Takaful Insurance Market

Chapter 10. Competitive Intelligence
10.1. Top Market Strategies
10.2. Company Profiles
10.2.1. Abu Dhabi National Takaful Co. Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
10.2.2. Allianz
10.2.3. AMAN Insurance
10.2.4. Islamic Insurance
10.2.5. Prudential BSN Takaful Berhad
10.2.6. Qatar Islamic Insurance
10.2.7. SALAMA Islamic Arab Insurance Co.
10.2.8. Syarikat Takaful Brunei Darussalam
10.2.9. Takaful International
10.2.10. Zurich Malaysia
Chapter 11. Research Process

11.1. Research Process
11.1.1. Data Mining
11.1.2. Analysis
11.1.3. Market Estimation
11.1.4. Validation
11.1.5. Publishing
11.2. Research Attributes
11.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
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Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
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Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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