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Takaful Insurance and its Development Perspectives

Author

Listed:
  • Flavia Mirela Barna

    (West University of Timisoara, Faculty of Economics and Business Administration, Finance Department)

  • Miruna-Lucia Nachescu

    (West University of Timisoara, Faculty of Economics and Business Administration, Finance Department)

  • Victoria Seulean

    (West University of Timisoara, Faculty of Economics and Business Administration, Finance Department)

Abstract

In the last 35 years, a new insurance system has emerged, a system that is completely different from the European or American one and is mainly based on the Muslim religion and on the Shari’ a law. Being at the border between the mutual associations and the classic insurance companies, the TAKAFUL insurance was born in the Muslim countries, where the classic insurance companies were unable to offer insurance policies that would have respected the rules of the Shari’ a (as demanded in the case of goods that were financed by the Islamic banks). In a very short time, this kind of insurance has extended its presence in other regions of the world and still has a high potential of growth. In the present paper we are explaining the main characteristics and principles under which it works, but we also underline the perspectives and threats of this form of protection, correlated with the risk management measures that classic insurances must prove (especially after the effects felt in the insurance business after the economic-financial crisis of 2008)

Suggested Citation

  • Flavia Mirela Barna & Miruna-Lucia Nachescu & Victoria Seulean, 2015. "Takaful Insurance and its Development Perspectives," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 370-375, May.
    • Handle: RePEc:ovi:oviste:v:xv:y:2015:i:2:p:370-375
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    More about this item

    Keywords

    Takaful insurances; operators regulatory measures;

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies

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