Reportstack has announced a new market research publication on Global Takaful Market and the Takaful Market in Malaysia. Both markets are witnessing impressive growth, with CAGRs of 16.39 percent and 19.14 percent respectively. Takaful is a Sharia-compliant insurance product based on Islamic principles of mutual assistance.
Malaysia is one of the leading countries in the global market, second only to Saudi Arabia, thanks to its recent rapid economic growth. Malaysia is one of the fastest growing Southeast Asian countries with a GDP growth of approximately 5 percent per annum. With a population of more than 24 million, the region is becoming an attractive prospect for Islamic insurance providers. According to TechNavio analysts, “in spite of being one of the fastest growing economies, Malaysia has a low insurance penetration of only approximately 11 percent, so there is a lot of room for the insurance industry to grow in this region.”
This has attracted Takaful agencies hoping to promote and sell their products in the country. Bank partnerships, which present a new and readily available distribution channel, open up new opportunities for Takaful operators to write Sharia-compliant bancassurance products.
Additionally, Malayan Banking Berhad (Maybank), the largest bank in Malaysia is one of the top vendors in the Global Takaful Market. Maybank operates through a wide network of over 2,200 offices in 20 countries, catering to 22 million customers. It had a market capitalization of US$77 billion and recorded revenue of US$1.84 billion in 2012.
To determine the scenario for these vendors in the next 3-4 years, the analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
To view the table of contents and know more details please visit Global Takaful Market and the Takaful Market in Malaysia reports.
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