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Challenges for the Takaful industry

In: Islamic Wealth Management

Author

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  • Syed O. Alhabshi

Abstract

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.

Suggested Citation

  • Syed O. Alhabshi, 2017. "Challenges for the Takaful industry," Chapters, in: Mohamed Ariff & Shamsher Mohamad (ed.), Islamic Wealth Management, chapter 14, pages 249-265, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:17781_14
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    Keywords

    Asian Studies; Economics and Finance;

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