Just over half of the 12.3 billion U.S. dollars contributed to takaful in 2019 was from Gulf Cooperation Council countries. The Middle East and South East Asia accounted for a further 9.6 billion, meaning these three regions combined accounted for nearly 95 percent of global contributions. Takaful is a form of Islamic insurance where members contribute money to a pool system to guarantee other contributors against loss or damage.
Total contributions to takaful worldwide in 2019, by region
(in billion dollars)
"Takaful" is a type of Islamic insurance product structured so as to comply with Islamic religious law (Sharia). Typically, Sharia is understood to prohibit investments in:
conventional financial services or debt instruments which earn income through interest or excess
businesses which engage in activities forbidden by Sharia, such alcohol and gambling
speculative transactions
For the purposes of regional classification, Iran is included in “MESA”, North African countries are included in “Africa”, and Turkey is included in “Others”.
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IFSB. (August 16, 2021). Total contributions to takaful worldwide in 2019, by region (in billion dollars) [Graph]. In Statista. Retrieved November 22, 2024, from https://www.statista.com/statistics/1264746/takaful-contributions-region/
IFSB. "Total contributions to takaful worldwide in 2019, by region (in billion dollars)." Chart. August 16, 2021. Statista. Accessed November 22, 2024. https://www.statista.com/statistics/1264746/takaful-contributions-region/
IFSB. (2021). Total contributions to takaful worldwide in 2019, by region (in billion dollars). Statista. Statista Inc.. Accessed: November 22, 2024. https://www.statista.com/statistics/1264746/takaful-contributions-region/
IFSB. "Total Contributions to Takaful Worldwide in 2019, by Region (in Billion Dollars)." Statista, Statista Inc., 16 Aug 2021, https://www.statista.com/statistics/1264746/takaful-contributions-region/
IFSB, Total contributions to takaful worldwide in 2019, by region (in billion dollars) Statista, https://www.statista.com/statistics/1264746/takaful-contributions-region/ (last visited November 22, 2024)
Total contributions to takaful worldwide in 2019, by region (in billion dollars) [Graph], IFSB, August 16, 2021. [Online]. Available: https://www.statista.com/statistics/1264746/takaful-contributions-region/
