Full access

It has been closely witnessed at the commencement of the twenty-first century that the growth of Islamic banking, finance and Takaful industries has secured a significant position in the globally sound economic environment at an estimated US$2.4 trillion asset size with about an 18 percent annual growth rate. Despite such success in the Islamic financial industries, the adequate publication of knowledge on the above areas does not match the expectation of the knowledge environment. It is undeniably admitted that there have been very few works available in the area of Takaful and Retakaful so far in English. In addition, there is no comprehensive encyclopedia available on Takaful and Retakaful with exclusive information for academia, industries or the public to be updated with detailed data on the global Takaful and Retakaful industries.

Therefore, it is timely to produce a comprehensive encyclopedia covering the detailed information on Takaful and Retakaful for the Ummatic benefits in the resurgence of Islamic finance. Hence, by the blessing of Allah (swt), this manuscript has been humbly produced to provide an update on the Takaful and Retakaful industries in different parts of the globe.

The manuscript partly consists of the earlier works and findings of the principal author with significant updates. It comprises eight chapters discussing different aspects of Takaful and Retakaful, as well as preliminary pages containing two forewords, a preface and an introduction, while a suffix supplies a glossary, a list of references and an index. Chapter 1 provides an original sketch and conceptual frameworks of Takaful and Retakaful. Chapter 2 continues with several aspects of regulatory frameworks governing Takaful and Retakaful industries. Chapter 3 provides a dichotomic analysis of Takaful and conventional insurance practices. Chapter 4 contributes a practical scenario of Takaful in the contemporary economic environment. Chapter 5 provides a Shari’ah alternative life insurance (family Takaful) model. Chapter 6 contributes a comprehensive understanding of Retakaful business. Chapter 7 analyses the contemporary issues of Takaful implementation. Chapter 8, the final chapter, provides a databank on Takaful and Retakaful that might be useful to researchers and academia as well as industrialists.

Finally, it is an aspiration that this humble work may contribute with possible benefits for researchers, academics, Takaful and Retakaful practitioners, bankers, financiers, regulators, decision makers, marketers, students and members of the public who have an interest in the field of Takaful, Retakaful, mutual funds, risk management and financial industries. Furthermore it is again submitted that this manuscript may be discovered to have some shortcomings, which are solely the responsibility of the authors, with humble apologies, and it will be highly appreciated if the authors could be kindly notified with suggestions for further improvement of this manuscript and of course for the benefit of the Ummah, EnshaAllah (swt).

Mohd Ma’Sum Billah

Islamic Economics Institute

King Abdulaziz University

Kingdom of Saudi Arabia