Worldwide: takaful contributions of the global IFSI by region 2021

In 2021, the value of the takaful contributions of the global Islamic financial services industry (IFSI) in the Gulf Cooperation Council region amounted to 12.7 billion U.S. dollars. Takaful is an Islamic insurance which complies to Shariah law, wherein members contribute money into a pool system to guarantee each other against loss or damage. Those insurances where introduced as an alternative to conventional insurances as they avoid interest, high risk investments and high uncertainties.

Vaue of the takaful contributions of the global Islamic financial services industry (IFSI) worldwide in 2021, by region (in billion U.S. dollars)

Characteristic	Value of contributions in billion U.S. dollars
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Release date

August 2022

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Region

Worldwide

Survey time period

2021

Supplementary notes

* Data for takaful contributions assets outstanding are as at end 2018

Takaful: Is an Islamic insurance which complies to Shariah law, wherein members contribute money into a pool system to guarantee each other against loss or damage. Those insurances where introduced as an alternative to conventional insurances as they avoid interest, high risk investments and high uncertainties.

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