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Evidence on the relationship between Takaful insurance and fundamental perception of Islamic principles

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  • Ramin Cooper Maysami
  • John Joseph Williams

Abstract

One of the complexities overarching the concept of Islamic insurance is anchored in the belief system pertaining to fundamental Islamic Law, while another is embedded in the role of profit within the takaful contract. The purpose of this study is to empirically explore the association between the awareness of the existence of Islamic insurance (takaful) and religious perceptions of this financial service. I think the way to move will be to identify more people within the Malay/Muslim community who have an interest in this type of insurance. Perhaps AMP [Association of Muslim Professionals] can do a survey to produce statistics to show that there is a potential demand for this type of service before approaching the banks and insurance companies. Up to now my impression is that the demand is either unknown or not sufficiently known for the insurance companies themselves to initiate something.Dr Richard HuFormer Finance Minister,Republic of Singapore1 1 ‘Window of Opportunities for Islamic Financing’, Karayawan, Volume 3.

Suggested Citation

  • Ramin Cooper Maysami & John Joseph Williams, 2006. "Evidence on the relationship between Takaful insurance and fundamental perception of Islamic principles," Applied Financial Economics Letters, Taylor & Francis Journals, vol. 2(4), pages 229-232.
    • Handle: RePEc:taf:raflxx:v:2:y:2006:i:4:p:229-232
    DOI: 10.1080/17446540500461778
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    Cited by:

    1. Azhar Alam & Bayu Arie Fianto & Ririn Tri Ratnasari & Aidi Ahmi & Fransiska Putri Handayani, 2023. "History and Development of Takaful Research: A Bibliometric Review," SAGE Open, , vol. 13(3), pages 21582440231, July.
    2. Youssef Chetioui & Yassine El Bouchikhi & Hind Lebdaoui & Meryem Ennassiri & Hanane Jannah & Ghita Yunsi & Imane Zhar & Ayoub Ghamas, 2024. "Modeling the Socio-Economic Factors Affecting Islamic Insurance Adoption: A Structural Equation Modeling Analysis," International Journal of Economics and Financial Issues, Econjournals, vol. 14(3), pages 106-114, May.
    3. Maria Safdar, 2023. "Determinants Of Takaful Business In Pakistan And Malaysia: An Empirical Analysis," Bulletin of Business and Economics (BBE), Research Foundation for Humanity (RFH), vol. 12(1), pages 36-55.

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