Global Takaful Market Forecast 2025-2034: Analyzing Growth Drivers, Market Share, Segments, And Emerging Trends

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The Business Research Company's Takaful Global Market Report 2025 – Market Size, Trends, And Global Forecast 2025-2034

LONDON, GREATER LONDON, UNITED KINGDOM, June 20, 2025 /EINPresswire.com/ -- The takaful market size has grown rapidly in recent years. It will grow from $32.85 billion in 2024 to $36.74 billion in 2025 at a compound annual growth rate CAGR of 11.8%. The growth in the historic period can be attributed to Islamic finance growth, rising awareness of Islamic insurance, government support and regulation, ethical and social responsibility, Islamic banking partnerships.

What Is The Projected Future Growth Of The Takaful Market Size?
This market growth is expected to accelerate in the forecast period. The takaful market will expand to $57.86 billion in 2029 at a CAGR of 12.0%. The key factors driving growth in this period include the expanding global Islamic finance industry, diversification of takaful products, inclusion of takaful in financial planning, rise in affluent Muslim population, international collaboration, and standardization.

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What Are The Key Drivers Propelling The Growth Of The Takaful Market?

The growing importance of Takaful insurance is expected to propel the growth of the takaful market going forward. Takaful insurance is an Islamic cooperative insurance system that operates in compliance with Sharia principles, where participants contribute premiums into a common fund to support one another in times of loss or damage. Takaful insurance is beneficial in adhering to Islamic principles by providing risk coverage in a cooperative manner, where participants contribute to a common fund to support one another in times of need.

Who Are The Key Players Operating In The Takaful Market?

Major companies operating in the takaful market include Allianz SE, Zürich Versicherungs-Gesellschaft AG, Standard Chartered plc, Gulf Insurance Group, The Company for Cooperative Insurance Tawuniya, Bupa Arabia, Howden Takaful Brokers, Walaa Cooperative Insurance, Al Etihad Cooperative, SALAMA Islamic Arab Insurance, Allied Cooperative Insurance Group, Al Sagr Cooperative, Buruj Cooperative, Al Ain Ahlia Insurance Co, Qatar Islamic Insurance Company, Takaful Re Limited, AMAN Insurance Company, Islamic Insurance Company, Chubb Arabia Cooperative Insurance, Alrajhi Takaful, Takaful International Co, Abu Dhabi National Takaful, Noor Takaful Family PJSC, Prudential BSN Takaful, Syarikat Takaful Brunei Darussalam, Re-Takaful Company, Arabia Insurance Cooperative, Amana Cooperative Insurance.

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What Are The Emerging Trends In The Takaful Market?

Major companies operating in the takaful market are increasing their focus on introducing innovative solutions, such as digital takaful, to gain a competitive edge in the market. Digital Takaful products refer to insurance offerings based on Islamic principles that are distributed and managed through digital platforms.

How Is The Takaful Market Segmented?

The takaful market covered in this report is segmented into:

1 By Type: Family Takaful, General Takaful

2 By Distribution Channel: Agents And Brokers, Banks, Direct Response, Other Channels

3 By Application: Personal, Commercial

Subsegments:
1 By Family Takaful: Life Takaful, Investment-linked Takaful, Education Takaful, Health Takaful

2 By General Takaful: Motor Takaful, Property Takaful, Liability Takaful, Travel Takaful, Miscellaneous Takaful

What Are The Regional Insights In The Takaful Market?

Asia-Pacific was the largest region in the takaful market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global takaful market during the forecast period. The regions covered in the takaful market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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