The takaful sector remains a small player within Islamic finance, accounting for less than 2% of the total market. Despite this, the global takaful market surpassed $30bn in 2023, according to the Arab Monetary Fund (AMF).
The Securities and Exchange Commission of Pakistan (SECP) has licensed Salaam Family Takaful Limited as the first-ever digital family takaful operator in the country.
Takaful, an emerging insurance branch gaining ground in Algeria, is expected to increase its share of the insurance market thanks to growing demand boosted by the benefits introduced by the 2024 finance law.
The combined insurance revenue of listed insurance companies in the UAE saw a 20% surge to AED30bn ($10.9bn) in 2023, compared to AED25bn in 2022, according to an analysis by Badri Management Consulting of the financial statements of the insurers which number 25.
Sukoon Insurance Company has announced that it had received acceptances for 2,411,030 shares which represent 1.57% of the shares of Arabian Scandinavian Insurance Company - Takaful (ASCANA).
As many as 32 takaful windows or Shariah business units (UUS) of insurance and reinsurance companies in Indonesia will be spun off from their conventional insurance parents by 31 December 2026, according to the Financial Services Authority (OJK).
Islamic Arab Insurance Company, listed as SALAMA on the Dubai Financial Market, posted a net loss of AED139.33m ($37.94m) for the 2023 financial year, compared to a net profit after tax of AED35.44m.
The Algerian insurance market has posted a turnover, including international acceptances, of around DZD169.6bn ($1.26bn) in 2023, an increase of 3.5% over 2022, said the National Insurance Council (CNA) in its update of statistics for the industry.
Qatar's listed insurance companies posted a combined net loss of QAR360m ($99m) for the financial year ended 31 December 2023, according to annual financial statements lodged by the companies with the Qatar Stock Exchange.
Takaful companies paid out a total of MYR8.74bn ($1.85bn) in 2023, 24.40% higher than in 2022, according to data released by the Malaysian Takaful Association (MTA).