Takaful Market, Growth and Price Analysis and Forecast 2015-2019

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.

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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...