Takaful Industry Statistics

A broad estimate of the total Gross Premiums Written (GPW) within the Takaful industry in 1998 is approximately US$500m for both Life and Non-Life business, of which around $200m pertains to Asia Pacific region. Malaysia is one of the largest markets outside the Arab region for Takaful, writing 78% of the non-Arab takaful business. A geographical spread of takaful business is shown below:

The growth in Takaful business had indeed been very impressive. As the following Table illustrate, the annualized average growth since 1994 has been 92% in Family Takaful and 34% in General. Most growth appears to be in the Family and group Family Takaful (68% and 11% respectively) of GPW as compared to General Takaful (4-6%). In Family Takaful the products sold were individual and Group Term as well as savings products, mortgage policies and pension plans. In General Takaful, all classes of commercial business were sold.