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Market share of takaful (Islamic insurance) industry in 3rd quarter of 2023, by select country

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Source

Release date

September 2024

Region

Worldwide

Survey time period

Q3 2023

Supplementary notes

"Takaful" is an Islamic insurance model where participants pool their funds to provide mutual financial protection. Each participant contributes to a common fund, and the funds are used to compensate those who experience a loss or need assistance, based on the principles of shared responsibility and mutual cooperation. The process avoids interest (riba) and uncertainty (gharar), as it is based on ethical risk-sharing. Takaful operates without the profit motive of traditional insurance and is often used for health, life, or property coverage.

Citation formats

Market share of takaful industry 2023, by country

Published by K. Scholle, Feb 5, 2025

As of the third quarter of 2023, the Islamic insurance sector held *** percent of the local market in Saudi Arabia and Iran. No conventional insurance products were offered in these countries.

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