Skip to main content
main-content

Über dieses Buch

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.

Inhaltsverzeichnis

Frontmatter

Chapter 1. Introduction of Takaful in India

Abstract
Financial security has become a basic need in contemporary human societies. Since ancient times, it is a clear development where food, clothing, and shelter were the only real basic human needs. Due to our lifestyle changes, we have more significant basic needs, including health and financial security.
Syed Ahmed Salman

Chapter 2. Risk, Risk Management and Insurance: Conventional and Islamic Dimensions

Abstract
Risk is one of the determinants that can make our lives succeed or fail. Risk has been playing a significant role in our daily life. This chapter discusses the origin of risk in the sources of Shari'ah and its historical development in Islam by referring to the practices of Prophets. Furthermore, the current method of engaging with insurance involves the prohibited elements. These elements can bring unfairness and injustice towards the involved parties in particular and society at large.
Syed Ahmed Salman

Chapter 3. Takaful: Concept, Principles, Types, and Models

Abstract
Takaful is social and ethical insurance based on the principle of Taʿawun (cooperation) and Tabarru, where the risk is shared collectively by members of a policy. The concept of Takaful is providing financial assistance to the participants based on mutual aid, brotherhood, and solidarity if the participants face misfortune.
Syed Ahmed Salman

Chapter 4. Takaful in Non-Muslim Countries: A Way Forward

Abstract
Despite the strong growth momentum for the Takaful industry, attempts to introduce non-Muslim countries have coincided with inadequate success. Takaful remains focused in key markets such as Malaysia, Indonesia; Saudi Arabia; the UAE; Bahrain, and other Muslim countries.
Syed Ahmed Salman

Chapter 5. Research Methodology

Abstract
Nowadays, most developed and non-developed countries care and pay attention to the explores because it plays a significant role in developing, improving, and solving problems. It is clear that billions of dollars are spent on the investigates to get relevant results or findings. In any research, it can be found some pillars that guide the researcher to get his/her objectives. This chapter is explained in several sections. Section two focuses on two theories: new product adoption theory and new product diffusion theory, whereas the following section describes the research methodology in detail in this chapter. Qualitative research is applied by interviewing insurance operators, and it is appropriate for the exploratory study, and it is discussed in section five, and the last section concludes the chapter.
Syed Ahmed Salman

Chapter 6. Findings from Interviews with Insurance Operators

Abstract
This chapter aims to explore the perception of insurance operators towards the viability of Takaful in India. Due to the non-existence of takaful companies in India, insurance companies are essential respondents since they are the Takaful products’ potential suppliers. A convenient sampling and purposive sampling method are used for selecting the insurance companies as the respondents. The interview technique is the sole method used to collect the findings for this research. Twenty-nine interviews have been conducted, of which 15 respondents are from life insurance operators and 14 from general insurance operators. The interview results have highlighted eight strengths, four weaknesses, five opportunities, and five threats if Takaful is offered in India. Also, the insurance operators have discussed how to overcome weaknesses and threats.
Syed Ahmed Salman

Chapter 7. Conclusion, Suggestions, and Recommendations

Abstract
The previous chapter discusses the results of interviews with insurance operators. This book examines insurance operators’ views on the practicalities of Takaful if it is offered in India. It looks at the pictures of insurance operators on the practical capabilities of Takaful. The second section provides a glance at the book. The third section discusses the contribution to the literature review, and the following section explains the future research. The last chapter provides essential recommendations.
Syed Ahmed Salman
Weitere Informationen

Premium Partner

    Bildnachweise