Global Takaful market to reach USD 44 Billion by 2024
Saturday, 09 21 2019, Category: Islamic Insurance, Country: World
The global takaful market reached a value of US$ 21 Billion in 2018. The market is further projected to reach US$ 44 Billion by 2024, growing at a CAGR of 12.8% during 2019-2024. Takaful refers to a sharia-compliant insurance system through which members mutually contribute a sum of money, so as to support each other in case of a loss, damage or theft. The objective of takaful is to cooperate, live harmoniously amongst the community and protect each other against uncertain mishaps. The policyholders of takaful contributes regularly on monetary basis which are supervised and managed by a takaful management firm. Nonetheless, the surplus amount invested is then employed for making investments which are helpful for earning a higher profit for the policyholders.