107
resents the size and growth of General Takaful in Turkey. The size of General Takaful
was TRY 380 million in the year 2014 and it was more than TRY 2 billion in year 2018. There
was 6-7 times increase in year 2018 compared to year 2014. shows that there was
notable growth 70.1% in year 2018. The main driver of the growth is entrance of new players in
the market. A similar strong growth effect is expected after licencing of the newly registered
General Takaful company.
FIGURE 23: SIZE OF GENERAL TAKAFUL IN TURKEY
Source: IAT
shows the size of Family Takaful sector in Turkey. The Family Takaful is relatively
small compared to General Takaful. The Family Takaful was only around TRY3.37 million in the
year 2014 while the General Takaful was TRY380 million. However, one can see that there was
a sizable growth in Family Takaful reaching more than TRY72 million by year 2018. The
newcomers have positive effect on growth of Family Takaful sector; similarly, it is expected to
grow faster once the newly registered Family Takaful companies (after licencing) join the
market.
FIGURE 24: SIZE OF FAMILY TAKAFUL IN TURKEY
Source: IAT
0
1
1
2
2
3
2014 2015 2016 2017 2018
TYR Billions
0
10
20
30
40
50
60
70
80
2014 2015 2016 2017 2018
TYR Millions