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WiseGuyRerports.com Presents “Global Islamic Insurance Market 2019 by Company, Regions, Type and Application, Forecast to 2024” New Document to its Studies Database
The market for Islamic financial services is growing at an amazing rate, affirming its position as one of the most dynamical industries in international finance
Islamic insurance is a sort of insurance founded on principles of mutuality and co-operation, that encompass the elements of shared obligation, joint indemnity, and common interest. Islamic banking or Islamic finance is banking or financing activity that complies with sharia (Islamic law) and its practical application through the development of Islamic economics. Some of the modes of Islamic banking/finance include Mudarabah (Profit sharing and loss bearing), Wadiah (safekeeping), Musharaka (joint venture), Murabahah (cost plus), and Ijara (leasing)
Islamic insurance can be accessed anywhere from Asia-Pacific that includes; China, South East India, and Southeast Asia regions and also North America, and in the coming years will continue to occupy more market share in especially in South Asian economies. Any changes from the United States might affect the development trend of Islamic Insurance. The global market is valued at 21 BillionUSD in 2019 and will be 44 Billion USD in 2024, with a CAGR of 12.8% during this time period.
Islamic insurance is based on the particular performance of distribution of profits and losses, consistent with the principles of sharia, and therefore satisfies the needs of the Muslim world. The main objective of Islamic insurance is not just protecting their interests against unforeseen circumstances by the joint participation of losses, but also making a profit. One of the major drivers of this market is that, in contrast to Western countries, the majority of the world’s Muslim population is young with 60% of this entire population being less than 25 years of age. And if captured at the right time, it has a long way to go.
The importance placed on consumer needs and protection is increasingly the driving force towards greater financial regulation, possibly as a means to restore confidence and trust among Muslim consumers.
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Global Islamic Insurance Market: Segmental Analysis
The segmental analysis of the market has been conducted based on companies, regions, types, and applications.
Market Segment by Companies, this report covers:
This report provides a deep insight covering all its essential aspects. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into industry in any manner.
Market Segment by Regions, regional analysis covers:
Market Segment by Applications (end industry) cover:
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