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Global Takaful Market- Market Research 2015-2019

About takaful

Takaful is a Sharia-compliant insurance product based on the religious Islamic principles of mutual assistance. Policyholders contribute a sum of money to a common pool of funds managed by a takaful management company, which is then used to pay for claims made by the policyholders. The surplus amount is used for making Islamic investments, which earns higher profits for the policyholders. At the end of the takaful term, the excess amount is returned to the policyholders, along with the profits earned through the Islamic investments.The concept of takaful is based on the following:

  • Mutual guarantee: The objective of takaful is to agree and contribute funds to a common pool of funds that will take care of a defined set of loss, which is recovered from the pool of funds, and the surplus funds are distributed among the policyholders
  • Ownership of funds: All the policyholders who contribute toward takaful funds are the owners of the pool of funds. They are the ones who receive the funds in the event of loss, and they also receive the surplus funds at the end of each year
  • Investment parameter: The only parameter that matters to an investor here is the compliance of the product with Sharia principles, which prohibits interest
  • Management: Takaful products are offered and managed by takaful operators or insurance companies
Technavio's analysts forecast the global takaful market to grow at a CAGR of 18.64% over the period 2014-2019.

Covered in this report

The report covers the current scenario and the growth prospects of the global takaful market for the period of 2015-2019. The two major products in the global takaful market include:
  • life/family takaful
  • General takaful
To calculate the market size, the report considers the total value of takaful considerations or funds collected by policyholders toward life/family takaful and general takaful.

Technavio's report, Global Takaful Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers APAC, GCC, and ROW; it also covers the landscape of the global takaful market and its growth prospects in the coming years. The report includes a discussion of the key vendors operating in this market.

Key regions
  • APAC
  • GCC
  • ROW
Key vendors
  • Dubai Islamic Bank
  • Kuwait Finance House
  • Malayan Banking Berhad
Other prominent vendors
  • Bank Mandiri
  • HSBC Amanah Takaful
  • PT. Asuransi Jiwa BRINGIN JIWA SEJAHTERA
Key market driver
  • Rapid economic growth in emerging countries
  • For a full, detailed list, view our report
Key market challenge
  • Development of human resource personnel
  • For a full, detailed list, view our report
Key market trend
  • Growing geographic expansion
  • For a full, detailed list, view our report
Key questions answered in this report
  • What will the market size be in 2019 and what will the growth rate be?
  • What are the key market trends?
  • What is driving this market?
  • What are the challenges to market growth?
  • Who are the key vendors in this market space?
  • What are the market opportunities and threats faced by the key vendors?
  • What are the strengths and weaknesses of the key vendors?


Press Release

Technavio Announces the Publication of its Research Report – Global Takaful Market 2015-2019

Technavio recognizes the following companies as the key players in the Global Takaful Market: Kuwait Finance House, Dubai Islamic Bank and Malayan Banking Berhad

Other Prominent Vendors in the market are: Bank Mandiri, HSBC Amanah Takaful, and PT. Asuransi Jiwa BRINGIN JIWA SEJAHTERA.

Commenting on the report, an analyst from Technavio’s team said: “Most of the mature and developing takaful markets are experiencing dearth of technical expertise in product innovation and sales. Potential markets such as the GCC and APAC have low insurance penetration, providing growth opportunities to insurance companies. They are striving to obtain technical expertise to innovate takaful products that meet the needs of their clients.”

According to the report, Low market penetration of takaful products in emerging markets has created huge opportunities for insurance market players. Market expansion strategies are crucial to enhance the takaful business.

Further, the report states that the low market penetration for Shariah insurance products in most of the emerging markets is attributed to several factors. The majority of the population in these markets is still in the low-income bracket and the awareness level about takaful products and their benefits are inadequate.

Companies Mentioned

Kuwait Finance House, Dubai Islamic Bank, Malayan Banking Berhad, Bank Mandiri, HSBC Amanah Takaful, PT. Asuransi Jiwa BRINGIN JIWA SEJAHTERA.

  • Executive summary
    • Highlights
  • Scope of the report
    • Market overview
    • Top-vendor offerings
      • Table Product/solution offerings
  • Market research methodology
    • Research methodology
    • Economic indicators
  • Introduction
    • Key market highlights
    • Takaful business models
      • Table Mudarabah model
      • Table Wakalah model
      • Table Hybrid model
  • Market landscape
    • Market overview
      • Table Takaful market segmentation by products
      • Table Life/family takaful product segmentation
      • Table General takaful product segmentation
    • Market size and forecast
      • Table Global takaful market ($ billions)
      • Table Global takaful market by geographical segmentation
    • Five forces analysis
      • Table Five forces analysis
  • Market segmentation by product
    • Global takaful market segmentation
      • Table Global takaful market segmentation by product
    • Global life/family takaful market
      • Table Global life/family takaful market 2015-2019 ($ billions)
    • Global general takaful market
      • Table Global general takaful market 2015-2019 ($ billions)
  • Geographical segmentation
    • Table Global takaful market by geographical segmentation 2014
    • Takaful market in GCC
      • Table Takaful market in GCC ($ billions)
    • Takaful market in APAC
      • Table Takaful market in APAC 2015-2019 ($ billions)
    • Takaful market in ROW
      • Table Takaful market in ROW 2015-2019 ($ billions)
  • Key leading countries
    • Saudi Arabia
    • Malaysia
    • Indonesia
  • Market drivers
  • Impact of drivers
    • Table Impact of drivers
  • Market challenges
  • Impact of drivers and challenges
    • Table Impact of drivers and challenges
  • Market trends
  • Vendor landscape
    • Competitive Scenario
    • Market share analysis 2014
    • Other prominent vendors
  • Key vendor analysis
    • Kuwait Finance House
      • Table Business segmentation by revenue 2014
      • Table Business segmentation by revenue 2013 and 2014 ($ millions)
      • Table Geographical segmentation by revenue 2014
    • Dubai Islamic Bank
      • Table Business segmentation by net operating revenue 2014
      • Table Business segmentation by net operating revenue 2013 and 2014 ($ millions)
      • Table Geographical segmentation by revenue 2014
    • Maybank
      • Table Maybank: Business segmentation 2014 by revenue
      • Table Maybank: Business segmentation by revenue 2013 and 2014 ($ billion)
  • Appendix
    • List of abbreviation
  • Explore Technavio

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