Download or read book Takaful and Mutual Insurance written by Serap O. Gonulal and published by World Bank Publications. This book was released on 2012-11-15 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: Takaful, which means 'cooperative', is an insurance approach that is instrumental to providing insurance services to Muslims and others with religious objections to aspects of conventional commercial insurance models, specifically interest payments, uncertainty, or gambling kind of transactions.
Download or read book Takaful Islamic Insurance written by Simon Archer and published by John Wiley & Sons. This book was released on 2011-12-30 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: Authors Rifaat, Archer and Volker bring an international perspective to the growing Islamic Insurance industry. Drawing on contributions from leading experts around the world, they present a comprehensive view of the very issues governing the industry and its future direction. As top financial institutes around the world seem to enter the lucrative Takaful markets, this timely book offers crucial background information and advice, invaluable for any serious player in the market.
Download or read book Encyclopedia of Islamic Insurance Takaful and Retakaful written by Mohd Ma'Sum Billah and published by Edward Elgar Publishing. This book was released on with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 10.0px Arial} The model of Islamic insurance policy is based on the principles of mutual cooperation, brotherhood and solidarity. This timely volume contradicts the widely-held belief that insurance policies oppose the teachings of Islam, exploring ways in which it coheres with Shari’ah law. The book explores Takaful, an insurance paradigm that is in accordance with Islamic principles and suits the needs of modern Islamic economies and communities.
Download or read book Islamic Insurance Products written by Mohd Ma'Sum Billah and published by Springer Nature. This book was released on 2019-08-28 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt: The growth of Islamic finance today is undeniable given its services, product innovation, performance and achievements, with the Islamic insurance market being no exception; it has retained global market recognition in a parallel platform as Islamic finance moves forward. There is much written regarding the Islamic insurance system, but rarely do researchers present the various Islamic insurance products and their structures in one collective place. This book is a timely addition in meeting contemporary market demands by providing a much-needed overview of the Islamic insurance products and their Shari’ah compliant structures. This book would be of interest to academics, researchers, students and professionals who are seeking to understand the products offered.
Download or read book Introduction to Takaful written by Adnan Malik and published by Springer Nature. This book was released on 2019-11-06 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive account of the theory and practice of takaful, which is an Islamic alternative to insurance. The concepts are explained using real-life case studies, calculations, and exhibits to aid in reader learning and reflection. Takaful, both as an academic subject and as well as practice, is growing particularly in the world leading financial and learning hubs such as in the UK and the USA and countries with large Muslim populations in Asia, Africa, and Middle East.
Download or read book Insurance Law and the Islamic System of Mutual Insurance takaful in Malaysia written by Muhammad Rafie Muhammad Shafie and published by . This book was released on 1992 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Organizational Form and Efficiency in the Takaful Insurance Industry written by Khalid Said Humaid Al-Amri and published by . This book was released on 2013 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many studies have focused on the insurance industry in the US and other developed countries. Few studies have investigated the efficiency and organizational form in developing countries. This is particularly true for the Takaful insurance industry. Takaful insurance is mutual insurance based on Islamic principles. The rapid growth of Takaful insurers in many countries around the world and their long existence make it important to examine them. Chapter 1 discusses the history and the practice of insurance during the time of ancient Arabs tribes. I discuss the conduct of the Holy Prophet (SAW) relating to insurance practice. I also briefly outlines the development of Islamic insurance in the fourteenth to the seventh centuries, nineteenth century, and the development in the twentieth century. Chapter 2 investigates economies of scope and agency problems for Takaful insurance companies operating in 19 countries. I test the conglomeration hypothesis, which holds that firms can optimize by diversifying across businesses, versus the strategic focus hypothesis, which holds that firms improve by focusing on core businesses. More specifically, I analyze whether it is advantageous for insurers to offer both property-liability insurance and family insurance (life insurance), or to specialize in one major industry segment. I also test for agency problems, which imply that firms must motivate the agent to ensure compliance with the principal's wealth maximization objectives. That is, I analyze whether it is advantageous for insurers to operate under a Mudharaba (profit sharing) model or operate under a Wakala (fee based) model. I estimate cost efficiency utilizing data envelopment analysis (DEA). Then, I test for scope economies and agency problems by regressing efficiency scores on control variables and indicators for strategic focus and the operating model. The results show that the Wakala operating model is cost inefficient and focused Takaful insurers are associated with higher cost efficiency. Chapter 3 investigates the relationship between insolvency risk and efficiency for Takaful insurers. I measure the insolvency risk by computing the z-score which measure distance to default. I calculate the efficiency scores using Data Envelopment Analysis (DEA). I find that efficient firms have a higher distance to default. I also find that firms which operate in multiple lines are penalized for diversification by being more likely to become insolvent. In addition, I show that investing in sukkuk and real-estate increase the insolvency risk. Chapter 4 analyzes the coexistence of Takaful and conventional insurance. I analyze the efficiency of different organizational forms in 13 countries. Technical, allocative, cost, and revenue frontiers were estimated using data envelopment analysis. I test the expense preference hypothesis and efficient structure hypothesis. I find evidence for the efficient structure hypothesis which claims that the two organizational forms serve different market segments due to differences in managerial discretion and access to capital. I also find evidence for the expense preference hypothesis which states that mutual insurers are less cost efficient than stock insurers due to unresolved agency conflicts (e.g., higher bonus consumption by mutual managers). The results provide insight into the competitiveness of conventional and Takaful insurers from different countries. Finally, chapter 5 concludes the main results of the study.
Download or read book Takaful and Islamic Cooperative Finance written by S. Nazim Ali and published by Edward Elgar Publishing. This book was released on 2016-07-27 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: Islamic finance distinguishes itself from conventional finance with its strong emphasis on the moral consequences of financial transactions; prohibiting interest, excessive uncertainty, and finance of harmful business. When it comes to risk mitigation, it is unique in its risk sharing approach.
Download or read book Takaful written by Hina Uqaili and published by LAP Lambert Academic Publishing. This book was released on 2012-04 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: Takaful is an Islamic insurance concept which is grounded in Islamic muamalat (banking transactions), observing the rules and regulations of Islamic law. It originates from Arabic word 'kafalah', which means "guaranteeing each other" or "joint guarantee." In principle, the takaful system is based on mutual co-operation, responsibility, assurance, protection and assistance between groups of participants. It is a form of mutual insurance. This book examines the various options of insurance available under the Islamic modes of finance.
Download or read book Life Takaful Islamic Life Insurance written by Gianluca Zaccaro and published by LAP Lambert Academic Publishing. This book was released on 2011-09 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is "takaful" in Islamic Finance? How is Shari'a-compliant Islamic insurance likely to evolve in the globalized financial arena? After analysing the genesis and infancy of takaful insurance focusing on the life insurance area, we provide an accurate summary of opportunities to grow and prospective problems in the Islamic insurance industry, concentrating on how these factors may stimulate, coordinate or hinder the healthy development of takaful insurance.
Download or read book Fundamentals of Islamic Finance and Banking written by Syeda Fahmida Habib and published by John Wiley & Sons. This book was released on 2018-10-08 with total page 327 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive and fully up-to-date introductory textbook to Islamic finance and banking Islamic finance and banking is being used increasingly globally — especially in the regions of Middle East and North Africa, South East and South Asia. To cater to the need of trained Islamic finance staff, a large number of Educational institutions are beginning to offer courses, majors and minors in Islamic finance and banking. The major challenge faced by these institutions are suitable textbooks for both undergrad and post-grad levels and especially with the relevant instructor resources (PPTs, test bank, practice activities and answer keys). Luckily, Fundamentals of Islamic Finance and Banking is here to cover the most important topics related to Islamic finance and banking (IF&B) that are relevant for students of business, finance and banking. Offers an historical background of Islamic finance Covers the principles of Sharia Law as pertinent to finance and banking Provides in-depth discussion of the six key Islamic banking products: Murabaha, Mudaraba, Musharaka, Ijara, Salam and Istisna Discusses the Islamic insurance (Takaful) Gives an overview of Islamic investment, especially Sukuks Concludes with the global standing of the Islamic Finance and Banking industry Would-be colleges and universities offering this subject as a course within their finance and/or banking program can’t be without this invaluable guide.
Download or read book Takaful Investment Portfolios written by Abdulrahman Khalil Tolefat and published by John Wiley & Sons. This book was released on 2013-03-20 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: A groundbreaking study of the investment portfolios of takaful companies, their general investment patterns, and their future investments The Islamic finance industry has witnessed remarkable growth over the last decade, and one of the most successful segments—poised for even greater expansion—is the Islamic insurance (takaful) industry. In Takaful Investment Portfolios, distinguished takaful scholar Abdulrahman Khalil Tolefat explores the investment portfolios of takaful companies in both the GCC countries and Malaysia, the tip of Islamic finance industry. Investigating the trends and patterns of investment of takaful companies, the book looks at shareholders as well as general and family funds to determine where these companies are investing today, and where they are likely to invest in the future. Presenting new and novel research on the investment patterns of takaful companies, Takaful Investment Portfolios covers the history of the industry and takaful models and how they work, and presents in-depth studies of both their real-world and desired portfolio investments. Presents unique new research into the investment portfolios of takaful companies in the GCC and Malaysia Examines the gap between desired and actual investment portfolios of takaful companies Explores expected areas for future investment Groundbreaking in its depth, Takaful Investment Portfolios is an unprecedented study of the investments of takaful companies.
Download or read book Implementing Takaful in India written by Syed Ahmed Salman and published by Springer Nature. This book was released on 2021-10-07 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book encourages insurance companies and regulators to explore offering Islamic insurance to boost the insurance industry in India. The distinctive features of Takaful also make it appealing even to non-Muslims. According to the 2012 World Takaful Report, India has immense potential for Takaful is based on the size of its Muslim population and the growth of its economy. However, it is surprising that Takaful has yet to be introduced in India since it has been offered in non-majority Muslim countries, such as Singapore, Thailand, and Sri Lanka. When the concept and practice of Takaful are examined, it is free from interest, uncertainty, and gambling. These are the main elements prohibited in Islam. However, it has been evidenced that these elements are also banned in teaching other religions believed by the Indians. Given this landscape, this book fills the gap in research on the viability of Takaful in India, focusing on its empirical aspects by examining the perception of Indian insurance operators toward Takaful.
Download or read book Conceptual Differentiation Between Takaful and Conventional Insurers written by Melbourne Fonseca and published by LAP Lambert Academic Publishing. This book was released on 2011-07 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: The insurance industry has seen a recent growth in a market segment which prefers products and services that relate to the Islamic Society and the concept of mutual cooperation in abidance with the Islamic Laws. The reason for this growth is the existence of an alternative called as Islamic' insurance products provided by the Takaful insurance companies. Ever since the establishment of the concept of Takaful, the Takaful providers have been capturing the market in the Islamic community with this core competency feature in their products. There has been very little academic literature that compares the managerial and conceptual aspects of the conventional and takaful insurers. This book, therefore, compares 5 leading insurance/re-insurance companies in The Kingdom of Bahrain of which 2 are conventional companies, 2 are takaful companies and one practising both types of insurance. The analysis should help us understand how different these companies are and should be especially useful for individuals or organisations who are left with a choice to select either of the above two insurance providers.
Download or read book Islamic Insurance Takaful written by Mohd. Ma'sum Billah and published by . This book was released on 2003 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Islamic Social Finance written by Valentino Cattelan and published by Routledge. This book was released on 2018-08-06 with total page 335 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current dynamics of world economy show remarkable changes in the socio-economics of credit provision and entrepreneurship. If the emergence of the sharing economy is fostering innovative models of collaborative agency, networking and venture business, economic actors are also looking for a more sustainable development, able to foster profitability as well as community welfare. This book investigates Islamic social finance as a paramount example of this economy under change, where the balance between economic efficiency and social impact is contributing to the transformation of the market from an exchange- to a community-oriented institution. The collected essays analyse the social dimension of entrepreneurship from an Islamic perspective, highlighting the extent to which the rationales of "sharing," distribution and cooperation, affect the conceptualization of the market in Islam as a place of "shared prosperity." Moving from the conceptual "roots" of this paradigm to its operative "branches," the contributing authors also connect the most recent trends in the financial market to Shari‘ah-based strategies for community welfare, hence exploring the applications of Islamic social finance from the sharing economy, FinTech and crowdfunding to microcredit, waqf, zakat, sukuk and green investments. An illuminating reference for researchers, practitioners and policy-makers dealing with the challenges of a global market where not only is diversity being perceived as a value to be fostered, but also as an important opportunity for a more inclusive economy for everybody.
Download or read book Modeling the Premium and Contract Properties of Family Takaful Islamic Life Insurance written by Jumadil Saputra and published by . This book was released on 2017 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: The premium is a deterministic function to compensate for losses due to random events, and a crucial element for the operation of the standard insurance company. This paper focuses on the practice of family takāful and considers properties of the contract in determining the premiums comprehensively and in a way that makes them Sharīʻah-compliant. We have developed a new mortality derivative formula and model of the premium for an equity-linked policy (unit-linked product). We have adapted the option pricing of the Black-Scholes model for periodical premiums, taking into account a minimum death benefit, the value of surrender option, and maturity guaranteed payoff. We have also added some assumptions for the underlying asset prices following negative discrete dividend extensions from the dynamic escrowed model. The purpose is to obtain an unbiased option price for the underlying asset. We found it to be a satisfying product with a fair periodical premium, which has great flexibility in its features and complies comprehensively with Sharīʻah law.
