The Development Of Takaful Insurance In The Tunisian Insurance Market

Abstract

This study explores the development and current status of Takaful (Islamic) insurance within the Tunisian insurance market, focusing on its structure, operational models, and regulatory environment. Although Takaful represents a modest share of the overall market, it has experienced steady growth in recent years, driven by increasing awareness and demand for Sharia-compliant insurance solutions. The research examines the operations of major Takaful companies— Zitouna Takaful, At-Takafulia, and Al Amana Takaful—highlighting their governance systems, Sharia supervisory boards, and product portfolios across family and general Takaful segments. It also reviews the legal and regulatory framework established by Tunisian Law No. 47 of 2014 and related ministerial decrees, which ensure transparency, sound risk management, and the separation of participants’ and shareholders’ funds. The findings reveal that despite challenges such as limited public awareness and market penetration, the Takaful sector shows strong potential for sustainable growth and financial inclusion. The paper concludes with recommendations to enhance innovation, strengthen Sharia compliance, and support the strategic expansion of Takaful in Tunisia.