In 2020, there were three countries where takaful comprised the entire insurance sector: Saudi Arabia, Iran and Sudan. No other country in this year saw takaful contributions comprise more than 50 percent of the total insurance sector, and in all but five countries it was less than 20 percent. Takaful is a form of Islamic insurance where members contribute money to a pool system to guarantee other contributors against loss or damage.
Share of the domestic insurance sector comprised of takaful contributions in 2020, by country
"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 28, 2022). Share of the domestic insurance sector comprised of takaful contributions in 2020, by country [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/1264763/takaful-contribution-share-total-insurance-sector-country/
IFSB. "Share of the domestic insurance sector comprised of takaful contributions in 2020, by country." Chart. August 28, 2022. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/1264763/takaful-contribution-share-total-insurance-sector-country/
IFSB. (2022). Share of the domestic insurance sector comprised of takaful contributions in 2020, by country. Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/1264763/takaful-contribution-share-total-insurance-sector-country/
IFSB. "Share of The Domestic Insurance Sector Comprised of Takaful Contributions in 2020, by Country." Statista, Statista Inc., 28 Aug 2022, https://www.statista.com/statistics/1264763/takaful-contribution-share-total-insurance-sector-country/
IFSB, Share of the domestic insurance sector comprised of takaful contributions in 2020, by country Statista, https://www.statista.com/statistics/1264763/takaful-contribution-share-total-insurance-sector-country/ (last visited November 21, 2024)
Share of the domestic insurance sector comprised of takaful contributions in 2020, by country [Graph], IFSB, August 28, 2022. [Online]. Available: https://www.statista.com/statistics/1264763/takaful-contribution-share-total-insurance-sector-country/
