Takaful showed 5% growth in 2015

According to the Islamic Financial Services Stability Report, released last week, gross contributions in the global takaful industry are estimated to have hit $23.2bn in 2015, which represents an increase of 5% since the previous year and an almost $20bn jump compared to 2006, when its gross contributions were $5bn. 

The report also pointed out that 84% of the global takaful contributions came from three jurisdictions: Saudi Arabia (37%), Iran (34%) and Malaysia (14%), where almost two-thirds of the contributions are for family takaful, while non-life dominates the market in Iran and Saundi Arabia.