GCC Takaful Market

GCC Takaful Market Overview:

The GCC takaful market was worth US$ XX Billion in 2023, expanding at a CAGR of X% during 2018-2023. The market is projected to register a CAGR of X% during 2024-2029, reaching US$ XX Billion by 2029. 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.

Beginning with a regional overview, the report explores the dynamics that have a strong influence on the GCC takaful market and can also impact its future growth. Taking 2023 as the base year, the report covers historical market scenario from 2018-2023 and provides forecasts till 2029. This includes the study of value and volume trends and pricing history. Growth inducing factors, market restraints and recent developments have also been analysed in the report in order to provide a deeper knowledge about the industry. On a regional basis, the report examines the GCC takaful market in Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. For each of these regions, the report studies the GCC takaful market in detail for latest trends, outlook and opportunities.

The report analyses the competitive structure of the GCC takaful market industry and provides the profiles of major players operating in the market. The price margins for the products along with the various success and risk factors for manufacturers have also been covered in the report. Moreover, in order to determine market attractiveness, the report analyses the GCC takaful market industry along the parameters of the Porter’s Five Forces model. This model examines the degree of competition in the GCC takaful market industry by analysing the threat posed by new entrants and substitutes, and the bargaining power of suppliers and buyers. SWOT analysis of the market has also been presented in the report which highlights the strengths, weaknesses, opportunities and threats pertaining to the GCC takaful market industry. Furthermore, the value chain analysis of the GCC takaful market industry has also been covered in the report. This comprises of all the activities in the value chain, such as the procurement of various raw materials, manufacturing, sales and distribution. 

GCC Takaful Market Segment Insights:

The GCC takaful market has been analysed as followed:

By Product:

• Life/Family Takaful
• General Takaful

By Country:

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

Country-wise, the market has been segmented into Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. Amongst these, Saudi Arabia represents the largest market, accounting for majority of the GCC region.

Competative Landscape: 

The competitive landscape of the industry has also been examined along with the profiles of the key players.

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

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.