Of the 23.1 billion U.S. dollars contributed to "takaful" in 2019, almost half was from Saudi Arabia. The Gulf state accounted for just over 10 billion U.S. dollars of contributions in 2019. Aside from Saudi Arabia, four other states recorded contributions of over one billion U.S. dollars in 2020: Iran, Malaysia, the United Arab Emirates, and Indonesia. 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 country
(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 country (in billion dollars) [Graph]. In Statista. Retrieved November 18, 2024, from https://www.statista.com/statistics/1264756/takaful-contributions-country/
IFSB. "Total contributions to takaful worldwide in 2019, by country (in billion dollars)." Chart. August 16, 2021. Statista. Accessed November 18, 2024. https://www.statista.com/statistics/1264756/takaful-contributions-country/
IFSB. (2021). Total contributions to takaful worldwide in 2019, by country (in billion dollars). Statista. Statista Inc.. Accessed: November 18, 2024. https://www.statista.com/statistics/1264756/takaful-contributions-country/
IFSB. "Total Contributions to Takaful Worldwide in 2019, by Country (in Billion Dollars)." Statista, Statista Inc., 16 Aug 2021, https://www.statista.com/statistics/1264756/takaful-contributions-country/
IFSB, Total contributions to takaful worldwide in 2019, by country (in billion dollars) Statista, https://www.statista.com/statistics/1264756/takaful-contributions-country/ (last visited November 18, 2024)
Total contributions to takaful worldwide in 2019, by country (in billion dollars) [Graph], IFSB, August 16, 2021. [Online]. Available: https://www.statista.com/statistics/1264756/takaful-contributions-country/
