How Big is the Takaful Market | Industry Trends & Forecast 2025

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Code: MTA9319

Publication Date: Sep 2025

How Big is the Takaful Market?

According to 6Wresearch internal database and industry insights, the Global Takaful Market was valued at USD 37.6 Billion in 2024 and is expected to reach USD 63.2 Billion by 2031, growing at a compound annual growth rate of 6.60% during the forecast period (2025-2031).

Due to increasing demand for Shariah-compliant insurance products, rising awareness of Islamic finance, and expanding in emerging markets and the rising adoption of ethical and sustainable investment practices are all the main factors driven by the market.

Key Growth Drivers of the Takaful Market

Rising adoption of Shariah-compliant insurance products in developed markets
Increasing awareness and preference for ethical and socially responsible investments
Growth of the Muslim population and their preference for Islamic financial services
Rising government support and regulatory frameworks promoting Islamic insurance
Growing awareness of the benefits of cooperative risk-sharing in Takaful models

Takaful Market Trends

The Takaful market is growing with notable trends such as the shift towards digitalization, with Takaful providers increasingly adopting digital platforms to enhance customer experience and streamline operations. Traditional insurers and Takaful providers are increasingly partnering to increase their product offerings. Furthermore, the growing use of technology, such as blockchain and artificial intelligence, is revolutionizing the claims procedure and improving the efficiency and transparency of Takaful operations. The demand for micro-Takaful, which benefits low-income groups, rises in tandem with financial inclusion.

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Emerging Developments in the Takaful Market

Emerging developments in the Takaful Market include innovative product offerings such as digital Takaful policies and micro-Takaful products aimed at underserved populations. The increase in the use of Artificial Intelligence to enhance risk assessment and streamline underwriting processes. Furthermore, the introduction of blockchain technology is gaining traction in Takaful operations, particularly for ensuring the transparency of contracts and improving claims processing. Technology companies and Takaful providers are increasingly working together, which is speeding up the industry digital transformation. Furthermore, there has been a noticeable increase in the awareness of Takaful products in non-traditional markets such as Southeast Asia and Europe.