Takaful market expected to grow by 9% to 11% in 2023

According to the Indonesian Shariah Insurance Association, the takaful insurance market in the country is expected to grow by 9% to 11% this year in terms of contributions, Middle East Insurance Review reported. The market potential in Aceh for takaful with the start of Islamic insurance operations in the province this year and the potential for new sources of Shariah financing create favorable conditions apart from several product innovations.