According to the research report titled ‘Global Takaful Insurance Market Size study, by Type (Family Takaful, General Takaful) Distribution Channel (Agents & Brokers, Banks, Direct Response, Others) Application (Personal, Commercial) and Regional Forecasts 2021-2027’, available with Market Study Report, global takaful insurance market was worth USD 24.85 billion in 2020 and is expected to register 14.6% CAGR through 2027.
 

Surging demand for the service in Muslim-majority nations, coupled with features such as distribution of investment earnings among participants, and premium refund in case of no claims are acting as a major impetus to global takaful insurance market growth.
 

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Additionally, surging Muslim population, especially the young demographic, coupled with rising levels of income are also catalyzing the industry expansion.
 

For the unversed, takaful insurance is an Islamic insurance, founded on sharia law which lays out responsibilities to protect and cooperate with other members of the society. Takaful policies typically cover life, health, and other types of insurance.
 

On the contrary, dearth of consistency due to vast geographical diversity, and lack of consumer awareness are likely to restrain market growth over the analysis timeframe.
 

In terms of type, worldwide takaful insurance industry is bifurcated into general and family takaful, whereas based on distribution channel, the business vertical is classified into direct response, banks, agents & brokers, and others. With respect to application scope, the market fragmentation comprises commercial and personal variants.
 

From a regional point of view, Gulf Cooperation Council (GCC) captured a significant industry share in  2020 and is expected to follow similar trend over the analysis timeframe. This can be ascribed  to rising awareness of insurance benefits, presence of large foreign workforce throughout the region, and increasing life expectancy.
 

Meanwhile, Asia Pacific market is expected to register momentous growth over the next six years, creditable to rising digitization, and adoption of advanced technologies.
 

Leading companies in global takaful insurance industry sphere are Zurich Takaful Malaysia Berhad, Allianz SE, Takaful International Company, Syarikat Takaful Brunei Darussalam Sdn Bhd, Islamic Arab Insurance Company, Qatar Islamic Insurance Company, Prudential BSN Takaful Berhad, Islamic Insurance Company, Dubai Islamic Insurance & Reinsurance Company, and Abu Dhabi National Takaful Company PSC among others.