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A Critical Review of Takaful Companies’ Contributions to Economic Developments in Fulfilment of Maqasid al-Sharīʿah: Evidence from Malaysia

In: Enhancing Financial Inclusion through Islamic Finance, Volume I

Author

Listed:
  • Abu Umar Faruq Ahmad

    (Islamic Economics Institute, King Abdulaziz University
    Islamic Cooperative Finance Australia Ltd.
    Islamic Bank of Australia Project)

  • Rashedul Hasan

    (INTI International University)

Abstract

Islamic insurance (Takaful) has seen rapid growth in recent years. Past studies have provided empirical evidence that Islamic finance industry can play a positive role in economic development. However, limited empirical evidences exist on the influence of takaful industry developments towards ensuring economic development. The relevant data were collected for the takaful industry from Bank Negara Malaysia, the Malaysian central bank’s website, while macroeconomic data have been collected from the World Bank’s website. Regression analysis has provided statistically positive evidence that takaful industry growth can contribute towards economic development. While this study is limited to Malaysian context, it is expected that future studies can improve generalizability by exploring a global scenario. In fact, this study is unique in the sense that it provides empirical evidences that allow regulators and takaful operators to realize the contribution of takaful industry towards the economy.

Suggested Citation

  • Abu Umar Faruq Ahmad & Rashedul Hasan, 2020. "A Critical Review of Takaful Companies’ Contributions to Economic Developments in Fulfilment of Maqasid al-Sharīʿah: Evidence from Malaysia," Palgrave Studies in Islamic Banking, Finance and Economics, in: Abdelrahman Elzahi Saaid Ali & Khalifa Mohamed Ali & Muhammad Khaleequzzaman (ed.), Enhancing Financial Inclusion through Islamic Finance, Volume I, chapter 0, pages 91-106, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-3-030-39935-1_6
    DOI: 10.1007/978-3-030-39935-1_6
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