World Takaful & Insurtech Conference
05 April 2020Dubai
According to Islamic Finance Development Report 2018 total assets of Takaful and re-Takaful are USD 46 billion which is only 2% of total Islamic finance industry with total 324 Takaful operators in 47 countries. Although Takaful contribution seems less, however, the overall impact and the potential to grow is huge. The insurance ecosystem is enduring transformation and innovation at an incredible pace. Premium wise, the Takāful industry is growing around at the rate of 19%. Majority of shares i.e. more than 62% is contributed by the Middle Eastern economies. Among the Middle East countries, the Kingdom of Saudi Arabia is the major contributor in Takaful industry.