Takaful is most developed in the Gulf states, which account for more than half of global contributions, followed by Iran and South-East Asia, while Africa, Europe and North America still offer only limited solutions or none at all.
The GCC holds more than half the market
Of roughly 30 billion dollars in takaful contributions in 2022, the Gulf Cooperation Council countries accounted for 16.7 billion, according to Atlas Magazine. The MENA region outside the Gulf followed with 6 billion and South-East Asia with 5.9 billion.
Saudi Arabia, the world's number one
The kingdom requires all its insurers to follow a cooperative insurance model. Moody's ranks it as the largest takaful market in the world in 2026, and S&P estimated the 2024 net profit of Saudi Islamic insurers at about 960 million dollars.
Iran, a fully Islamic system
Iran applies Islamic principles across its entire insurance sector. Its 5.4 billion dollars of contributions in 2022 represented 18% of the global total, and its takaful assets, at 39 billion dollars, exceeded those of any other country.
UAE, Qatar, Kuwait, Bahrain, Oman
The other Gulf markets share the rest of the regional contributions, with about 3 billion dollars of assets in the Emirates. The rules and companies specific to the federation are described in our page on takaful in the United Arab Emirates.
Malaysia, Asia's benchmark
The world's second-largest market according to Moody's, Malaysia collected 16.38 billion ringgit of takaful contributions in 2025. It also tops the IFDI 2025 indicator published by the ICD and LSEG, ahead of Saudi Arabia and the Emirates.
Indonesia, Pakistan and Bangladesh: high potential
Moody's sees attractive long-term prospects in these three countries, where penetration remains low. The SECP points out that Pakistan was the second country, after Indonesia and its takaful market, to authorise takaful windows.
Africa begins to legislate
Africa generated only 0.8 billion dollars of contributions in 2022. Moody's nonetheless notes that Morocco and its takaful framework, Egypt, Nigeria and part of West Africa are improving their regulation, although they remain at an early stage of development.
South Africa: policies approved by a mufti
In South Africa, compliant policies are generally approved by a certified scholar working with a sharia supervisory board. The one launched in 2021 by Safire Insurance and Genoa Underwriting Managers was endorsed by Mufti Desai, the programme's sharia adviser.
Europe and the diaspora: scarce offers
Available market notes list no major takaful operator in continental Europe. Muslim families there often combine compulsory conventional insurance, mutual health plans and repatriation cover, as explained in our page on Islamic insurance in France.
Penetration still low everywhere
Moody's notes that in the main takaful markets, insurance as a whole, Islamic or conventional, represents a low to mid single-digit percentage of GDP, against 11.8% in North America, which leaves ample room for further growth.
Three countries hold most of the assets
According to the ICD-LSEG report of October 2025, Iran, Saudi Arabia and Malaysia hold 72% of global Islamic finance assets, which could reach 9,700 billion dollars by 2029 with annual growth of close to 10%.
How to read our country pages
Each country page presents the regulator, the applicable law, licensed operators where they exist and, failing that, realistic alternatives. Where no takaful framework has been identified, we say so clearly rather than naming companies we have not been able to verify.
Finding Islamic cover in your country
- Check the page for your country of residence to see whether a takaful law and licensed operators exist.
- If a local market exists, compare at least two operators authorised by the national supervisory authority.
- Otherwise, check whether a conventional insurer offers a takaful window or screened investments.
- For compulsory cover such as motor insurance, buy from a licensed insurer even without an Islamic option.
- Expatriates should examine policies offered from the Gulf or Malaysia and whether they are valid in the host country.
- Plan separately for repatriation of remains and pilgrimage needs, often covered by dedicated products.
Regional breakdown of takaful contributions
| Region | Contributions 2022 | Indicative share |
|---|---|---|
| GCC countries | USD 16.7 bn | More than half |
| MENA excluding GCC | USD 6 bn | About one fifth |
| South-East Asia | USD 5.9 bn | Roughly a fifth |
| Africa | USD 0.8 bn | Less than 3% |
| Other regions | USD 0.6 bn | About 2% |
What to gather before comparing countries
- Residence permit or proof of tax residence
- Valid identity document
- Proof of address in the country of cover
- Statement of previous insurance history
- Employment or expatriation contract for international cover
- Islamic financing contract if the cover is linked to one
Mistakes linked to the international dimension
- Buying a takaful policy issued abroad online without checking that it is recognised by the supervisory authority in your country of residence.
- Assuming a Muslim-majority country necessarily has licensed takaful operators, when many African markets still have none.
- Going without compulsory insurance while waiting for a local Islamic offer to appear, at the risk of criminal and financial penalties.
- Comparing national market shares without allowing for population size and the insurance penetration rate.
Questions about takaful country by country
Which country has the most takaful contributions?
Saudi Arabia, with 14.2 billion dollars in 2022, or 47.3% of the global total according to Atlas Magazine. It remains in first place in 2026 according to Moody's, ahead of Malaysia for Asia, while Iran retains the largest stock of assets.
Can you buy takaful in Europe?
Offers there are rare, and our notes list no major continental operator. You therefore need to look country by country, combining compulsory conventional insurance, mutual solutions and any cover offered by authorised foreign providers.
Why is Africa so poorly covered?
Despite a large Muslim population, regulatory frameworks there are recent or absent and insurance penetration remains low. Moody's cites Morocco, Egypt and Nigeria among the countries making progress in this area.
Is a takaful window as good as a takaful company?
A window is a takaful business housed within a conventional insurer, permitted for example in Indonesia and Pakistan. It can be compliant if the funds are genuinely segregated and supervised by a sharia committee, which you should verify.