49
FIGURE 9: TOTAL TAKAFUL ASSETS IN 2017
Source: Thomson Reuters (2018)
However, Takaful remains the smallest contributor to the Islamic finances industry in terms of
assets. Moreover, the top three Takaful markets – Saudi Arabia, Iran, and Malaysia - make up
79% of the market’s share of total Takaful assets in 2017 (se . Also, there were more
than 112 general TOs and 76 life TOs around the world in 2017. For composite Takaful, there
were 113 composite TOs and 21 RTOs around the world in 2017 based on the total assets in the
global Takaful market. According to Thomson Reuters (2018), Saudi Arabia is the most
significant market that contributed US$ 15 billion in total assets for Takaful markets with 35
TOs, including Takaful windows in 2017 (se .
FIGURE 10: T OTAL NUMBER OF T AKAFUL OPERATORS - 2017
Source: Thomson Reuters (2018)
Similarly, Malaysia contributed more than US$ 9 billion in total assets with 20 Takaful
companies operating in Malaysia, including Takaful windows. Takaful market in Iran is growing
slowly by US$ 12 billion in assets with 26 TOs, including Takaful windows. The other two
countries that contribute to Takaful markets are Indonesia and the UAE. Indonesia is the second
Asian country after Malaysia, which provides more than US$ 3 billion to global Takaful markets.
$46 Billion
Total Takaful Assets
324
Number of TOs
79%
Top 3 Markets' Share of
Takaful Assets
Composite
113
General
112
Life
76
Re-Takaful
21