The global takaful market reached US$ 20 Billion in 2019. The market is further projected to exceed US$ 45 Billion by 2025, at a CAGR of +14% during 2019-2025.
Takaful refers to a sharia-compliant insurance system through which members mutually contribute a sum of money, so as to support each other in case of a loss, damage or theft. The objective of takaful is to cooperate, live harmoniously amongst the community and protect each other against uncertain mishaps. The policyholders of takaful contribute regularly on a monetary basis which is supervised and managed by a management firm. Nonetheless, the surplus amount invested is then employed for making investments that are helpful for earning a higher profit for the policyholders.
The global takaful market research report offers a fundamental overview of global market aspects. It presents the far-reaching outline of the global market based on different parameters like market trends, market shares, size and various specifications of the market.
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Top Key Players:
Kuwait Finance House, Dubai Islamic Bank, Malayan Banking Berhad, Islamic Insurance Company, JamaPunji, AMAN, Salama, Standard Chartered, Takaful Brunei Darussalam Sdn Bhd, Allianz, Prudential BSN Takaful Berhad, Zurich Malaysia, Takaful Malaysia, and Qatar Islamic Insurance Company
Takaful is rapidly gaining momentum, particularly in the Asia Pacific and the GCC region, owing to a large Muslim population. Muslims currently account for a fifth of the total global population and these levels are expected to further increase in the future. Another major driver of the Takaful market is that, in contrast to Western countries, the majority of the world’s Muslim population is young with 60% of this entire population being less than 25 years of age. Catalyzed by rising levels of affluence, this large young Muslim population has the potential to represent a customer base for a fairly long duration if it is captured early.
Following key questions answered through this research report:
-What are the key players of the global Takaful market report?
-What will be the market size of the global market?
-What are the challenges and risks in front of the global market?
-What are the major key players in the global market?
-Who are the key vendors in the global market?
Some of the prominent players operating in the APAC countries are holding the highest share of the global Takaful market. Competitive landscape has been offered by analyzing the competition at the domestic and global level.
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Different dynamic influences of the global Takaful market are also explained to get a complete analysis of internal and external driving or restraining factors. Moreover, increasing demand and popularity of business sectors are driving the global customer success software market. The research report has been made using data examining procedures such as qualitative and quantitative analysis.
Following factors have been scrutinized through this research report:
- Global cutting-edge trends in the Takaful market
- Global market division along with their subtypes
- Tapping of global opportunities
- Identification of global clienteles along with identification of potential customers
- Formation of market positions
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