Financial Outlook of the OIC Member Countries 2016
33
(IFSB, 2016). The main hub for Islamic funds is Saudi Arabia with a 40 percent share of
total Islamic Funds.
Figure 29: Islamic Fund Assets by Jurisdictions (10M15) - %
Source: IFSB, Islamic Financial Stability Report 2016
Takaful Sector 4.4
The global Takaful gross contribution was 22.1 billion USD and growth rate of gross premiums
was 15.5 percent in 2014 (IFSB 2016). The main jurisdictions for the sector are the GCC, Iran
and EPAC. According to Islamic Financial Stability Report 2016 of IFSB, Saudi Arabia (36.6
percent- 8.1 billion USD), Iran (33.6 percent- 7.5 billion USD) and Malaysia (13.6 percent- 3
billion USD) are the top three domiciles, accounting for 83.8 percent of the total global
contributions in 2014.
Figure 30: Number of Takaful Operators (2014)
Note: EPAC: East Asia and Pacific; South Asia (SASI): Afghanistan, Bangladesh, Pakistan; Levant: Jordan and
Turkey
Source: IFSB
40%
28%
8%
7%
4%
2% 2%
2% 2% 1% 1% 2% 2% 0.62%
Saudi Arabia
Malaysia
Jersey
United States
Luxembourg
Kuwait
South Africa
Indonesia
72
19
40
41
21
8 4 GCC (incl Saud Arabia
Iran
EPAC
Africa
SASI
Levant
Others