In 2022 the world had 344 takaful and retakaful companies in more than 65 countries, concentrated in Saudi Arabia, Iran and Malaysia, alongside a handful of specialist Islamic reinsurers based in Bahrain, Dubai or Kuwait.
From 274 to 344 operators in ten years
Atlas Magazine counted 274 takaful companies in 2012, then 344 takaful and retakaful companies in 2022, active in more than 65 countries. This expansion tracked the rise in global contributions, from 8.9 billion dollars in 2010 to around 30 billion.
Saudi Arabia: an entirely cooperative sector
Every Saudi insurer operates on a cooperative basis. The kingdom gathered 14.2 billion dollars of contributions in 2022, close to half the global total. Local players are profiled in our country page on takaful in Saudi Arabia.
Tawuniya and Bupa Arabia lead the field
According to industry estimates published in May 2026, Tawuniya is thought to have written around 19.8 billion riyals of premiums in 2025, nearly a quarter of the market, ahead of health specialist Bupa Arabia with about 18.4 billion riyals.
Al Rajhi Takaful, MedGulf and Walaa
The same estimates rank Al Rajhi Takaful third in Saudi Arabia, with about 10.9 billion riyals and a 14% market share. MedGulf and Walaa follow with 3.7 and 3.5 billion riyals respectively, unaudited figures that should be treated with caution.
Iran: the largest pool of assets
The Iranian system is fully Islamic. It accounted for 5.4 billion dollars of contributions in 2022, or 18% of the global market, but above all for 39 billion dollars of takaful assets, ahead of the 22 billion held by Saudi companies.
Malaysia: Takaful Malaysia and its rivals
Syarikat Takaful Malaysia Keluarga Berhad, headquartered at Menara Takaful Malaysia in Kuala Lumpur, is among the family takaful operators licensed by Bank Negara Malaysia. Our page on takaful in Malaysia covers the framework of the Islamic Financial Services Act 2013.
UAE and Indonesia, mid-sized markets
The United Arab Emirates and Indonesia each held around 3 billion dollars of takaful assets in 2022. Moody's considers Indonesia's long-term prospects attractive, since insurance penetration there remains low despite a very large Muslim population.
Pakistan: dedicated companies and windows
Since the SECP's Takaful Rules 2012, conventional insurers in Pakistan have been allowed to open takaful windows. State Life offers a product there based on the wakala-waqf model, described in our page on takaful in Pakistan.
Hannover ReTakaful, a pillar of Islamic reinsurance
Founded in Bahrain in 2006, Hannover ReTakaful is the Islamic subsidiary of Hannover Re, supervised by the Central Bank of Bahrain and rated A+ by S&P. It reports more than 170 million dollars of contributions and 423 million of assets.
Takaful Re and Al Fajer Retakaful
From 2006 onwards, other Islamic reinsurers appeared in the Middle East, such as Takaful Re in Dubai, set up with Arab Insurance Group, and Al Fajer Retakaful in Kuwait. How these structures work is explained in our page on retakaful and Islamic reinsurance.
Africa: a still sparse offering
With only 0.8 billion dollars of contributions in 2022, Africa remains marginal. In South Africa, Safire Insurance and Genoa Underwriting Managers launched a takaful medical and civil liability policy in November 2021, approved by a sharia adviser.
Consolidation on the horizon
In September 2025, S&P Global Ratings expected further mergers among small and mid-sized Islamic insurers in Saudi Arabia and the UAE, driven by higher capital requirements. Moody's also sees the cost of digital investment as a driver of consolidation across the sector.
Checking that a listed operator is reliable
- Find the company on the supervisor's official register, for example Bank Negara Malaysia or the Central Bank of Bahrain.
- Check whether the entity is a standalone takaful company, a Saudi cooperative or merely a window of a conventional insurer.
- Look up the membership of its sharia board and whether an annual sharia audit is carried out.
- Review its financial rating where one exists and the identity of its reinsurer, ideally a retakaful provider.
- Read its latest published accounts to gauge the strength of the participants' fund and its record of surplus distributions.
Key figures for the major operators
| Operator or market | Indicator | Indicative value |
|---|---|---|
| Tawuniya (Saudi Arabia) | Estimated 2025 premiums | SAR 19.8 bn, about 25% |
| Bupa Arabia (Saudi Arabia) | Estimated 2025 premiums | SAR 18.4 bn |
| Al Rajhi Takaful (Saudi Arabia) | Estimated 2025 premiums | SAR 10.9 bn, about 14% |
| Hannover ReTakaful (Bahrain) | Contributions and assets | Over USD 170 m and USD 423 m |
| Sector as a whole | Number of companies in 2022 | 344 in more than 65 countries |
Information to request from a listed operator
- Licence number issued by the supervisory authority
- Fatwa or certificate of compliance from the sharia committee
- Sharia audit report for the latest financial year
- Financial statements separating the participants' fund from the shareholders' fund
- Written surplus distribution policy
- Name of the partner reinsurer or retakaful provider
Mistakes to avoid when using a directory
- Treating a market share estimate published by a trade outlet as an official figure audited by the Saudi regulator.
- Assuming a group present in Malaysia or the Gulf can sell its policies directly in your country without a local licence.
- Forgetting that some companies cited in the 2000s may since have merged, changed their name or ceased trading.
- Choosing an operator on size alone, without looking at its management model and its surplus-sharing ratio.
Questions about takaful operators
What is the largest Islamic insurer in the world?
By premiums, industry estimates for 2025 put Tawuniya in first place in Saudi Arabia, with about 19.8 billion riyals. By assets, Iran remains the leading country, its companies holding 39 billion dollars in 2022.
Is Bupa Arabia a takaful company?
In Saudi Arabia, all insurance is organised on the cooperative model, and Bupa Arabia operates on that basis, mainly in health. To understand its precise sharia approach, you need to consult the documents the company publishes.
Are there Islamic reinsurers?
Yes. Hannover ReTakaful in Bahrain is the best documented example, with an A+ rating. Historically, Takaful Re in Dubai and Al Fajer Retakaful in Kuwait were also established, even though many operators still relied on conventional reinsurance.
How can I tell whether an operator is authorised in my country?
Only the register of the national insurance supervisory authority is authoritative. Appearing in an international directory is not the same as holding a local licence. Where no approved operator exists, look at the conventional or mutual options available.
Takaful operators and organisations
SALAMA – Islamic Arab InsuranceUAE-based Islamic insurance group present in several countries with takaful health and protection products.Prudential BSN TakafulMalaysian takaful operator, a joint venture of Prudential and Bank Simpanan Nasional, offering family and general takaful cover.Takaful EmaratUAE takaful operator specialising in health and family protection cover for individuals and businesses.IFSB - Islamic Financial Services BoardInternational standard-setting body based in Kuala Lumpur, issuing prudential standards for Islamic banking, capital markets and takaful.Indicative list: assuranceislamique.com has no commercial link with these organisations. Always check the licence with the local regulator.