The global takaful insurance market, valued at $45.51 billion in 2024, is poised for significant growth, with a projected compound annual growth rate (CAGR) of 9.41% from 2025 to 2034. According to Market Research Future, the market is expected to expand from $49.79 billion in 2025 to $111.89 billion by 2034.
This growth is largely driven by a rising awareness of Islamic insurance principles, an increasing demand for ethical financial products, and the expanding global Muslim population. The preference for Sharia-compliant financial solutions among both individuals and businesses is a key factor propelling market expansion.
The integration of takaful products into the offerings of global financial institutions, driven by the growth of Islamic banking, is also playing a pivotal role in boosting the market. Government support and favorable regulatory frameworks in Muslim-majority countries further contribute to a stable and transparent market environment.
Beyond traditional Muslim markets, takaful insurance is gaining traction among non-Muslim consumers and businesses seeking ethical alternatives in their financial dealings.
Regionally, the Asia-Pacific market is experiencing the fastest growth, with key markets including Malaysia, Indonesia, and Pakistan leading the charge.
Related topics
