Press release
Global takaful market to grow at a CAGR of 18.64% over the period 2014-2019
Description
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.
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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?
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