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GCC Takaful Market by Product (Life/Family Takaful and General Takaful): Industry Analysis, Trends, Growth and Forecast 2022-2027



GCC Takaful Market Overview:

The GCC takaful market was worth US$ XX Billion in 2021, expanding at a CAGR of X% during 2016-2021. The market is projected to register a CAGR of X% during 2021-2026, reaching US$ XX Billion by 2027. Takaful is an Islamic insurance system wherein members contribute a sum of money to support one another in case of loss, damage or theft. Its contribution is decided according to the personal circumstances of members and the type of coverage participants require. As it helps promote cooperation and harmony amongst the community, the demand for takaful insurance is escalating across the GCC region.

There is an increase in the number of institutions offering Islamic financial services. This, in confluence with the rising Muslim population, represents one of the key factors bolstering the growth of the market in the GCC region. Moreover, takaful provides an ethical investment policy based on the principle of mutual sharing of risks. These advantages are facilitating the market growth in the region.

The GCC takaful market is currently exhibiting strong growth rates. Takaful is Sharia-compliant Islamic insurance in which members contribute money in a kind of pool system that guarantees against any kind of loss or damage. The basic aim of takaful is to cooperate and protect each other against certain mishaps. The presence of a large Muslim population in the GCC countries contributes to the growth of the takaful market. Some other factors such as the changing regulations, growing affluence, and the growth in organized savings amongst the local customers are also driving the takaful market in this region. In addition, the takaful firms are also adopting new strategies that provide cash flow streams and develop innovative protection and saving products.

GCC Takaful Market Segment Insights:

The report has assessed the GCC takaful market on the basis of product covering, life/family takaful and general takaful. On a regional basis, the report examines the takaful market in Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. An evaluation of the competitive landscape has also been provided with the details of the key players operating in the GCC takaful market.

Highlights of the GCC Takaful Market Report:

  • Historical and current scenario
  • Trends and developments
  • Impact of COVID-19
  • Market forecast
  • Price analysis and forecast
  • Porter’s five forces analysis
  • SWOT analysis
  • Value chain analysis

Key Market Segments:

The GCC takaful market has been analysed as followed:

Segmentation by Product:

  • Life/Family Takaful
  • General Takaful

Segmentation by Country:

  • Saudi Arabia
  • United Arab Emirates
  • Qatar
  • Kuwait
  • Oman
  • Bahrain

Report Customisation:

The GCC takaful market report can be customised as per your requirements. You can get in touch with our analyst, who will make sure that the report suits your research needs.

1 Introduction
    1.1    Research Objectives 
    1.2    Stakeholders
    1.3    Scope of the Report
    1.4    Assumptions and Limitations
2 Research Methodology 
    2.1    Data Collection
            2.1.1    Primary Sources
            2.1.2    Secondary Sources
    2.2    Market Size Estimation
            2.2.1    Bottom-Up Approach
            2.2.2    Top-Down Approach
    2.3    Data Validation
3 Executive Summary
4 Global Takaful Market

    4.1    Historical Market Trend
    4.2    Market Segmentation by Region
    4.3    Market Outlook
5 GCC Takaful Market
    5.1    Industry Overview 
    5.2    Key Industry Developments
    5.3    Market Trends
            5.3.1    Key Market Indicators
            5.3.2    Historical Market Trends
            5.3.3    Impact of COVID-19
            5.3.4    Market Outlook
6 GCC Takaful Market Segmentation by Country
    6.1    Saudi Arabia  
            6.1.1    Historical Market Trends
            6.1.2    Market Outlook
    6.2    United Arab Emirates   
            6.2.1    Historical Market Trends
            6.2.2    Market Outlook
    6.3    Qatar 
            6.3.1    Historical Market Trends
            6.3.2    Market Outlook
    6.4    Kuwait 
            6.4.1    Historical Market Trends
            6.4.2    Market Outlook
    6.5    Oman  
            6.5.1    Historical Market Trends
            6.5.2    Market Outlook
    6.6    Bahrain  
            6.6.1    Historical Market Trends
            6.6.2    Market Outlook
7 GCC Takaful Market Segmentation by Product 
    7.1    Life/Family Takaful
            7.1.1    Historical Market Trends
            7.1.2    Market Outlook
    7.2    General Takaful
            7.2.1    Historical Market Trends
            7.2.2    Market Outlook
8 GCC Takaful Industry: Market Dynamics
    8.1    Overview
    8.2    Strengths
    8.3    Weaknesses 
    8.4    Opportunities
    8.5    Threats
9 GCC Takaful Industry: Value Chain Analysis
    9.1   Overview
    9.2   Research and Development
    9.3   Raw Material Suppliers
    9.4   Inbound Logistics
    9.5   Production
    9.6   Marketing 
    9.7   Outbound Logistics
    9.8   Consumers 
10 GCC Takaful Industry: Porter’s Five Forces Analysis
    10.1   Overview
    10.2   Threat of New Entrants
    10.3   Threat of Substitutes
    10.4   Bargaining Power of Buyers
    10.5   Bargaining Power of Suppliers
    10.6   Intensity of Rivalry
11 Competitive Landscape
    11.1   Market Structure
    11.2   Key Players 
    11.3   Key Success Factors 
12 Key Player Profiles
 
List of Figures

Figure 1: Global: Takaful Market: Sales Value (in Billion US$), 2016-2021
Figure 2: Global: Takaful Market: Segmentation by Region (in %), 2021
Figure 3: Global: Takaful Market Outlook: Sales Value (in Billion US$), 2022-2027
Figure 4: GCC: Takaful Market: Sales Value (in Billion US$), 2016-2021
Figure 5: GCC: Takaful Market Outlook: Sales Value (in Billion US$), 2022-2027
Figure 6: GCC: Takaful Market: Segmentation by Country (in %), 2021
Figure 7: GCC: Takaful Market: Segmentation by Product (in %), 2021
Figure 8: Saudi Arabia: Takaful Market: Sales Value (in Million US$), 2016 & 2021
Figure 9: Saudi Arabia: Takaful Market Outlook: Sales Value (in Million US$), 2022-2027
Figure 10: United Arab Emirates: Takaful Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: United Arab Emirates: Takaful Market Outlook: Sales Value (in Million US$), 2022-2027
Figure 12: Qatar: Takaful Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Qatar: Takaful Market Outlook: Sales Value (in Million US$), 2022-2027
Figure 14: Kuwait: Takaful Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Kuwait: Takaful Market Outlook: Sales Value (in Million US$), 2022-2027
Figure 16: Oman: Takaful Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Oman: Takaful Market Outlook: Sales Value (in Million US$), 2022-2027
Figure 18: Bahrain: Takaful Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Bahrain: Takaful Market Outlook: Sales Value (in Million US$), 2022-2027
Figure 20: GCC: Takaful (Life/Family Takaful) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: GCC: Takaful (Life/Family Takaful) Market Outlook: Sales Value (in Million US$), 2022-2027
Figure 22: GCC: Takaful (General Takaful) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: GCC: Takaful (General Takaful) Market Outlook: Sales Value (in Million US$), 2022-2027
Figure 24: GCC: Takaful Industry: Market Dynamics
Figure 25: GCC: Takaful Industry: Value Chain Analysis
Figure 26: GCC: Takaful Market: Porter’s Five Forces Analysis

List of Tables

Table 1: GCC: Takaful Market: Key Industry Highlights, 2021 and 2027
Table 2: GCC: Takaful Market Outlook: Segmentation by Country (in Million US$), 2022-2027
Table 3: GCC: Takaful Market Outlook: Segmentation by Product (in Million US$), 2022-2027
Table 4: GCC: Takaful Market Structure
Table 5: GCC: Takaful Market: Key Players

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