According to IMARC Group’s latest report, titled “Malaysia and Indonesia Takaful Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, The Malaysia and Indonesia takaful market grew at a CAGR of around 9% during 2015-2020. Takaful stands for a shariah-compliant insurance system based on the Islamic concept of mutual sharing. It represents a shared risk transfer arrangement where the participating members donate a sum of money to support each other in case of loss or damage. The takaful policyholders regularly donate to a pool supervised and managed by a takaful insurance firm. The surplus amount contributed is then invested for earning higher profits.
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The growing implementation of the Life Insurance and Family Takaful Framework by several government bodies across Malaysia and Indonesia is primarily driving the market for takaful insurance. Moreover, the wide presence of the Muslim population in these countries is further catalyzing the market growth. Besides this, various commercial insurance services violate the restrictions on interest, uncertainty, and gambling principles which is forbidden according to the shariah law. As a result, the consumers are inclining towards takaful insurance products as a safer alternative. Additionally, several international insurance companies are introducing Islamic financial services that fit the traditional cultural beliefs of the customers in these countries. Apart from this, multiple relaxations on foreign ownership rules and the increasing adoption of takaful insurance products among the non-Muslim population as an ethical investment policy are projected to further propel the market growth in Malaysia and Indonesia over the forecasted period. Looking forward, IMARC Group expects the Malaysia and Indonesia takaful market to continue its strong growth during the next five years.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
- AIA Group Limited
- Asia Capital Reinsurance Group Pte. Ltd. (Catalina Holdings (Bermuda) Ltd.)
- Etiqa General Takaful Berhad
- Hong Leong Msig Takaful Berhad
- MAA Group Berhad
- Munich Re Group
- Prudential BSN Takaful Berhad
- Sun Life Malaysia
- Syarikat Takaful Malaysia Keluarga Berhad
- Takaful IKHLAS (MNRB Holdings Berhad).
Breakup by Insurance Type:
- Family Takaful
- General Takaful
- Offline Channel
- Online Channel
- Malaysia
- Johor
- Kedah
- Kelantan
- Kuala Lumpur
- Labuan
- Others
- Indonesia
- Jakarta
- East Java
- West Java
- Central Java
- Riau
- Others
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
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