Challenges for the Takaful industry

Syed O. Alhabshi

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Islamic Wealth Management

Theory and Practice

Foundations of Islamic Finance series

Edited by Mohamed Ariff and Shamsher Mohamad

From an Islamic perspective, although the ownership of wealth is with God, humans are gifted with wealth to manage it with the objective of benefiting the human society. Such guidance means that wealth management is a process involving the accumulation, generation, purification, preservation and distribution of wealth, all to be conducted carefully in permissible ways. This book is the first to lay out a coherent framework on how wealth management should be conducted in compliance with guiding principles from edicts of a major world religion.

Monograph Book

Published in print:: 29 Dec 2017

ISBN:: 9781786439383

eISBN:: 9781786439390

DOI:: https://doi.org/10.4337/9781786439390

Pages:: 416

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Chapter 14: Challenges for the Takaful industry

Syed O. Alhabshi

Monograph Chapter

Published:: 29 December 2017

DOI:: https://doi.org/10.4337/9781786439390.00023

Pages:: 249–265 (17 total)

Collection: Economics 2017

Abstract

This chapter is about how Islamic mutual insurance principles under takaful has been conceptualised to rid from mainstream insurance practices prohibited elements under Islamic insurance: usury (riba), ambiguity (gharar) and gambling (maisir). The success of this new mutual insurance as has happened with the growth of 17 institutions in Malaysia has been well accepted, with the industry growing at double-digit ever since the laws were enacted in 1985. Most other countries have yet developed a comprehensive framework for this market, and growth is likely when more countries adopt the takaful model. To improve its effectiveness and for monitoring of the Takaful operators, the regulator has put in place a comprehensive regulations under the laws.

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