New markets in South-East Asia and Africa are expected to drive the growth of the global takaful industry, according to analysts at the World Takaful Conference in Dubai.
The significant Muslim populations in these new markets, in addition to core markets such as the Gulf Cooperation Council (GCC), Malaysia and Turkey, are forecast to bolster the industry.
The GCC currently dominates the global takaful industry, and accounted for 77.2% of the world’s takaful gross written premiums (GWP) in 2015.Â Saudi Arabia is the largest takaful market in the GCC region with GWP of US$9.7 billion.
In South-East Asia, takaful providers are innovating to introduce new products and distribution channels.
According to reports, takaful is growing in the region due to increasing public awareness.
The global takaful sector achieved gross premium contributions of about US$20 billion last year.
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