: Market Size, Share, Trends, Industry Analysis, Application Analysis, Growth and Forecast, 2023-2028” provides a deep and thorough evaluation of the GCC takaful market based on its segments including product and region. The report tracks the latest industry trends and analyses their overall impact on the market. It also evaluates the market dynamics, which cover the key demand and price indicators, and studies the market on the basis of the SWOT and Porter's Five Forces models.
Takaful refers to the Sharia-compliant insurance system that involves the mutual contribution of money from all participants to support each other in case of theft, loss, or damage. This system focuses on principles of shared responsibilities and aims to promote harmonious living, protection of community members against unpredictable mishaps, and cooperation. Takaful policyholders regularly contribute monetarily under the supervision and management of an insurance company. The surplus amount invested is then utilized in making investments to earn higher profits for the participants.
Note: The study incorporates COVID-19's direct market impact as well as the indirect effects of related industries on the GCC takaful market. These insights are regularly updated by the subject matter experts at Syndicated Analytics.
GCC Takaful ProductsIndustry Trends and Drivers:
The growing Muslim population across the GCC region represents one of the primary factors driving the GCC takaful market. Furthermore, the shifting preferences from traditional insurance policy systems to Islamic religious law-based insurance systems, takaful, in Muslim countries is also catalyzing the market growth. Moreover, the flexibility of customizing the insurance policy as per the agreement of all policyholders is also impelling the demand for a takaful insurance system. Apart from this, the growing popularity of takaful as a strong business proposition owing to the price competitiveness and takaful as an ethical means of investment is further stimulating the market. Additionally, the rising adoption of takaful insurance system, on account of the low probabilities of financial loss associated with it, is also bolstering the market growth. In the absence of any mishappening and claim, the accumulated amount is distributed among the policyholders, which is not in the case of a conventional insurance policy. This, in turn, is anticipated to drive the GCC takaful market in the coming years.
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