The takaful sector remains a small player within Islamic finance, accounting for less than 2% of the total market. Despite this, the global takaful market surpassed $30bn in 2023, according to the Arab Monetary Fund (AMF).
The Securities and Exchange Commission of Pakistan (SECP) has licensed Salaam Family Takaful Limited as the first-ever digital family takaful operator in the country.
The combined insurance revenue of listed insurance companies in the UAE saw a 20% surge to AED30bn ($10.9bn) in 2023, compared to AED25bn in 2022, according to an analysis by Badri Management Consulting of the financial statements of the insurers which number 25.
Takaful, an emerging insurance branch gaining ground in Algeria, is expected to increase its share of the insurance market thanks to growing demand boosted by the benefits introduced by the 2024 finance law.
Sukoon Insurance Company has announced that it had received acceptances for 2,411,030 shares which represent 1.57% of the shares of Arabian Scandinavian Insurance Company - Takaful (ASCANA).
Islamic Arab Insurance Company, listed as SALAMA on the Dubai Financial Market, posted a net loss of AED139.33m ($37.94m) for the 2023 financial year, compared to a net profit after tax of AED35.44m.
The Algerian insurance market has posted a turnover, including international acceptances, of around DZD169.6bn ($1.26bn) in 2023, an increase of 3.5% over 2022, said the National Insurance Council (CNA) in its update of statistics for the industry.
Qatar's listed insurance companies posted a combined net loss of QAR360m ($99m) for the financial year ended 31 December 2023, according to annual financial statements lodged by the companies with the Qatar Stock Exchange.
Takaful companies paid out a total of MYR8.74bn ($1.85bn) in 2023, 24.40% higher than in 2022, according to data released by the Malaysian Takaful Association (MTA).
Maybank Ageas Holdings Berhad (MAHB) reported an unaudited net profit after tax of MYR353.9m [$75m] in 1H2023 (1H22 restated: net loss of MYR95.8m) under the new accounting standard, IFRS 17, notes Fitch Ratings.