The GCC takaful market report provides a deep and thorough evaluation of the market based on its segments including type, end-use, and region.
ALBANY, NEW YORK, UNITED STATES, October 14, 2021 /EINPresswire.com/ — Takaful refers to a Sharia-compliant insurance system that involves the mutual donation of money from all participants into a common pool, guaranteeing each other support in case of theft, loss, damage, etc. This system is based on principles of shared responsibilities and aims to promote harmonious living, cooperation, and protection of community members against unpredictable mishaps.
Takaful policyholders regularly contribute monetarily under the management and supervision of an insurance company. The surplus amount invested is then used in making investments to earn higher profits for the policyholders.
Note: Our analysts are continuously monitoring the influence of the COVID-19 pandemic on the market. This insightful information is included in the report to improve the efficiency, resilience and overall performance of businesses.
GCC Takaful Products Industry Trends and Drivers:
The expanding Muslim population across the GCC region represents one of the key factors driving the takaful market. Besides this, the increasing penetration of traditional insurance is relatively low in affluent Muslim areas. As a result, takaful is considered the primary instrument for raising insurance awareness.