Top Companies in Takaful Insurance Market | Industry Key Players Growth Analysis, Historical data, Future Scope, Revenue | Exclusive Report by Vantage Market Research
Takaful Insurance is a sharia-compliant insurance system in which members pool their resources to support one another in the event of a loss, damage, or theft.
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MARKET OVERVIEW
The Global Takaful Insurance Market was valued at USD 25.1 Billion in 2021 and is expected to reach a value of USD 55.6 Billion by 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 14.2% over the forecast period.
Takaful is an insurance program based on Islamic principles of mutual aid & donation, and the policy managers in the takaful program agree to guarantee and make donations to the pool or charity fund instead of paying premiums. The collection of gifts creates a takaful fund, and each participant's contribution is based on the type of donation required and their circumstances. The Takaful contract specifies the kind of risk and length of the cover, in line with a standard insurance policy. The subscribers of the Takaful fund contribute a fee that the subscribers will use in any unforeseen circumstances.
In addition, advances in technologies such as Artificial Intelligence (AI), blockchain, machine learning, and theoretical analysis, widely accepted by the insurance industry, are expected to contribute to the growth of the takaful insurance market in the forecast period. As a result, governments worldwide are taking steps to support the newcomers and expand their insurance market.
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Some of the key players operating in the Takaful Insurance Market are listed below:
|
Company Name |
Revenue in the US |
|
<$5 Million |
|
$1 Billion |
|
<$5 Million |
|
$14 Billion |
|
$116 Million |
|
$136 Billion |
|
$4 Billion |
|
$51 Billion |
|
$616 Million |
Islamic Insurance Company (TIIC) is the Takaful Insurance Company of Jordan. It was established in 1996 with the Capital of JD 2 million and has reached JD 15 million. It was selected based on Partnership Insurance approved by Fiqh Councils as an alternative to Commercial Insurance.
Aman Takaful Insurance Company is headquartered in Kuwait, Sharqwas, and was established in 2011. AMAN is a business line and subsidiary of Raya Holding, an Egypt-based FINTECH Company that aims at providing a better life for Egyptians through comfortable, easy, and available financial processes based on a deep knowledge of their needs and quick response to market needs, which leads to full coverage and providing of financial services that they need.
Islamic Arab Insurance Company is a takaful company based in Dubai, United Arab Emirates, and commonly known as Salama. Salama Insurance Provides Motor Comprehensive and Third-Party Liability motor insurance coverage includes loss or damage to the insured vehicle against accidents, theft, and fire according to the terms, conditions, and exclusions declared in the policy. Salama was established in 1979 and is listed on the Dubai Financial Market.
Standard Chartered PLC is a British multinational banking and financial services company. Standard Chartered is a leading global bank offering a wide range of services, including credit cards, loans, accounts & deposits, NRI banking, and investment services. It operates a network of over 1,200 branches and outlets across more than 70 countries and employs around 87 thousand people. The Company headquartered in London, United Kingdom and was established in 1969.
Takaful Brunei's legacy was established in 1994. The TBA provides a comprehensive range of physical asset protection and operational protection, personal property protection, and financial and employment protection. Personal and personal property protection is also available, including private car protection, home and contents, travel, home assistants, medical and surgical expenses, and more.
Allianz is a German international financial services company founded in 1890 and headquartered in Munich, Germany. The Company's primary businesses include insurance and asset management services. The Company works in stages: Property-Casualty, Health / Health, Property Management, Business, and more.
The Islamic Financial Services Act (IFSA) 2013 defines Takaful as a provision based on assisting participating participants who agree to contribute to a single fund that provides the same financial benefits paid to miss participants or their beneficiaries in the event of previously agreed events.
The Zurich Insurance Group (Zurich) was founded in 1872 in Zürich, Switzerland. Zurich provides financial protection and risk management solutions with 55 thousand employees in more than 215 countries worldwide and territories. Zurich works for individuals, small businesses, and medium and large companies in more than 215 countries and territories, including international companies. Islamic Financial Services Act (IFSA) 2013 has defined Takaful as an arrangement based on mutual assistance under which Takaful participants agree to contribute to a common fund providing for mutual financial benefits payable to the takaful participants or their beneficiaries on the occurrence of pre-agreed events. Islamic Financial Services Act (IFSA) 2013 has defined Takaful as an arrangement based on mutual assistance under which takaful participants agree to contribute to a common fund providing for mutual financial benefits payable to the takaful participants or their beneficiaries on the occurrence of pre-agreed events.
Islamic Financial Services Act (IFSA) 2013 has defined Takaful as an arrangement based on mutual assistance under which takaful participants agree to contribute to a common fund providing for mutual financial benefits payable to the takaful participants or their beneficiaries on the occurrence of pre-agreed events.
The Company was founded in 1984. Takaful Malaysia is located in Kuala Lumpur, Kuala Lumpur, Malaysia. The Malaysian Takaful Association (MTA) is a commercial organization for the Takaful industry in Malaysia. MTA has a total of 15 members. Zurich Holdings Malaysia Berhad is a fast holder of the Company, an integrated and based corporation based in Malaysia.
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