According to Cognitive Market Research, the global takaful market size is USD 33415.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 9.50% from 2024 to 2031.
North America held the major market of around 40% of the global revenue with a market size of USD 13366.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 10024.56 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 7685.50 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.5% from 2024 to 2031.
Latin America market of around 5% of the global revenue with a market size of USD 1670.76 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.9% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 668.30 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.2% from 2024 to 2031.
The sales of general takaful are poised to increase due to rising demand for risk mitigation solutions, expanding market penetration, and a growing awareness of the benefits of Islamic insurance options
Bank sales are anticipated to rise due to increased consumer trust, expanded takaful offerings, and seamless integration of takaful products into banking services, catering to diverse customer needs effectively.
