Theory and Practice
Edited by Mohamed Ariff and Shamsher Mohamad
Chapter 14: Challenges for the Takaful industry
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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