Implementing Takaful in India: Prospects, Challenges, and Solutions

✍ Scribed by Syed Ahmed Salman

• Publisher: Springer
• Year: 2021
• Tongue: English
• Leaves: 134
• Category: Library

✦ Synopsis

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.

✦ Table of Contents

Foreword
Preface
Acknowledgements
Contents
About the Author
Abbreviations
1 Introduction of Takaful in India
1.1 Introduction
1.2 Appraisal of Indian Insurance Market
1.3 Research Objectives
1.4 Motivation and Significance of the Study
1.5 Structure of the Book
References
2 Risk, Risk Management and Insurance: Conventional and Islamic Dimensions
2.1 Introduction
2.2 Definition and Classification of Risk
2.3 Risk in Islam
2.3.1 Islamic Dimension of Risk Management
2.4 Dimension of Insurance
2.4.1 Prohibited Elements of Conventional Insurance in the Sources of Shari’ah
2.5 Conclusion
References
3 Takaful: Concept, Principles, Types, and Models
3.1 Introduction
3.2 Overview of Takaful
3.2.1 Concept of Takaful
3.2.2 Definitions of Takaful
3.2.3 Shari’ah Framework of Takaful
3.2.4 Takaful: Shari’ah Scholar Point of View
3.2.5 Fundamental Differences Between Takaful and Insurance
3.3 Development of Takaful
3.4 Main Types of Takaful
3.4.1 General Takaful
3.4.2 Family Takaful
3.5 Takaful Models
3.5.1 General Takaful Models
3.5.2 Comparison of General Takaful Models
3.5.3 Family Takaful Models
3.5.4 Comparison of Family Takaful Models
3.6 Conclusion
References
4 Takaful in Non-Muslim Countries: A Way Forward
4.1 Takaful in Europe
4.1.1 United Kingdom
4.1.2 The Authorization Process in the UK
4.1.3 Legal Issues and Challenges Facing Takaful Industry in the UK
4.1.4 Luxembourg
4.2 Takaful in Australia
4.2.1 Potential for Establishing Takaful
4.3 Takaful in Sri Lanka
4.3.1 Amana Takaful PLC
4.3.2 Ceylinco Takaful Ltd
4.3.3 HNB Assurance Takaful
4.3.4 Takaful Standards
4.4 Takaful in Singapore
4.5 Takaful in Thailand
4.6 Globalization of Takaful
4.7 Challenges in Establishing Takaful and Re-Takaful in Non-Muslim Countries and Solutions: What Needs to Be Done and Ways Forward
4.8 What Needs to Be Done by the Start-Up Takaful or Re-Takaful Operator
4.9 Conclusion
References
5 Research Methodology
5.1 Introduction
5.2 Theoretical Framework
5.2.1 New Product Adoption Theory
5.2.2 New Product Diffusion Theory
5.3 Research Methodology
5.3.1 Samples, Sampling Method, and Data Collection Method
5.3.2 Questionnaire Development
5.4 Interview Technique
5.4.1 Statistical Method
5.5 Conclusion
References
6 Findings from Interviews with Insurance Operators
6.1 Introduction
6.2 Profile of Interviewees
6.3 Awareness and Knowledge of Conventional Insurance
6.4 Knowledge of Takaful
6.5 Interviewee’s Opinion on Determinants to Offer Takaful
6.6 Interviewee’s Opinion on Future Takaful
6.7 Interviewees’ Opinions on the Level of Difficulty to Promote Takaful in India
6.8 Strengths of Introducing Takaful in India
6.9 Weaknesses of Introducing Takaful in India
6.10 Opportunities to Introduce Takaful in India
6.11 Threats to Introduce Takaful in India
6.12 Overcoming Weaknesses to Offer Takaful in India
6.13 Overcoming Threats Related to Offering Takaful in India
6.14 Conclusion
References
7 Conclusion, Suggestions, and Recommendations
7.1 Introduction
7.2 Summary of the Book
7.3 Contribution of the Research
7.4 Suggestions for Future Research
7.5 Recommendations