Charting a Course on the Islamic Finance Ocean: A Survey of Islamic Insurance Literatures

Abstract

The number of Muslim literates in Islamic finance and conventional finance, particularly Islamic insurance, has grown tremendously, so has the number of academic and professional articles, books, and other monographs published in Islamic insurance profession. Despite Islamic insurance uniqueness based on Islamic values and philosophies, its emancipation aimed to compete or eradicate the conventional insurance at both academic and professional levels. Those monographs that were intended to replace their conventional insurance counterpart have triggered endless debates among stakeholders on their authenticity and quality of knowledge and as well challenged their authors' authorities. Therefore, with content analysis, this survey verified whether the Islamic insurance literatures were capable of producing well-seasoned professionals of Islamic insurance. The results showed that the disputes over the available literatures might have contributed to the failure of having a standard curriculum for teaching Islamic insurance as a profession in academic at national and international levels. Review of the literatures and curriculum was recommended.

History and Development of Takaful Research: A Bibliometric Review

“…Literature and curriculum reviews are recommended. However, Olorogun and Noor (2014) do not explain the details of the source of the literature database. It focuses more on the study of literature in Takaful Education.…”

“…The study did not detail how the literature was searched and brought up the historical highlights of the growth of takaful insurance globally. Olorogun and Noor (2014) conducted a literature review by collecting 100 documents and selecting them into 60 documents based on originality and ranking. Olorogun and Noor (2014) classify their findings into topics of institutionalization, operations, and regulation relevant to the academic curriculum.…”

“…Olorogun and Noor (2014) conducted a literature review by collecting 100 documents and selecting them into 60 documents based on originality and ranking. Olorogun and Noor (2014) classify their findings into topics of institutionalization, operations, and regulation relevant to the academic curriculum. With content analysis techniques, Olorogun and Noor's (2014) research verifies whether sharia insurance literature can produce experienced Sharia insurance professionals.…”

“…Olorogun and Noor (2014) classify their findings into topics of institutionalization, operations, and regulation relevant to the academic curriculum. With content analysis techniques, Olorogun and Noor’s (2014) research verifies whether sharia insurance literature can produce experienced Sharia insurance professionals. The results suggest that disputes over the available literature may have contributed to the failure to have a standardized curriculum to teach Islamic insurance as a profession in academia at national and international levels.…”

Efficiency studies of the sharia insurance industry: A systematic literature review

“…Olorogun and Noor (2014) also applied the literature survey method and described how the sharia insurance literature could influence standards and shape professional outcomes in the area of sharia insurance. Unfortunately, as a result, many studies disagree with each other and cause the curriculum in the sharia insurance profession to not exist at the national or international level (Olorogun & Noor, 2014).…”