COMCEC Financial Outlook 2018
25
2.5 Takaful
Considering the relatively small share of the takaful industry, takaful sector is still a niche
market in the global Islamic finance industry. Despite its share, the takaful industry continued
its upward trend in most countries. Population growth and robust regulatory environment
present opportunities for takaful sector to expand. The global takaful contributions reached USD
26.1 billion in 2017 andweremainly driven by the GCC regionwhich had USD 11.7 billion takaful
contribution. It was followed by MENA Countries (excl-GCC) [USD 10.3 billion], South East Asia
Pacific [USD 3.9 billion], South Asia [USD 0.2 billion] and Sub-Saharan Africa [USD 0.01 billion].
The top four countries that are holding 87% of the total takaful contributions in 2017, has not
changed: Saudi Arabia, Iran, Malaysia and UAE.
Figure 18: Global Contributions Growth (USD billion)
Source: IFSB 2019
15,2
18,7 19,2
22,2 23,4
25,1 26,1
2011 2012 2013 2014 2015 2016 2017