History, problems, and prospects of Islamic insurance (Takaful) in Bangladesh

Khan, Issa; Rahman, Noor Naemah Binti Abdul; Yusoff, Zulkifli Mohd; Nor, Mohd Roslan Mohd

doi:10.1186/s40064-016-2400-5

Cited by 15 publications

(26 citation statements)

References 13 publications

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“…Additionally, among the less challenging factors, the highest variation is 2.45% that goes to lack of marketing research and the total variation explained by the four moderate challenging factors is 8.84%. Islamic insurance companies in Bangladesh are using traditional methods for insurance policies whereas some of the conventional insurance companies are following modern systems as computerized systems in their operations (Khan et al, 2016),. The clients of Islamic insurance companies are deprived of the convenient use of e-insurance, online business, internet, and computerized system.…”

Section: Pca Of Challenges Of Islamic Insurance Companiesmentioning

confidence: 99%

“…According to Khan et al (2016), the claim settlement in Bangladesh is a lengthy and timeconsuming procedure. In this study, many respondents agreed that the lengthy procedure in claim settlement hampers the goodwill of the industry.…”

Section: Lengthy Procedures In Claim's Settlementmentioning

confidence: 99%

“…Most of the companies typically employ human resources having a conventional educational background with traditional experiences. These personnel usually try to implement their conventional insurance experiences to the Islamic insurance companies that occasionally hamper the smooth takaful operations (Khan et al, 2016;Ochieng, 2013). This has been certified from the findings of the study that qualified personnel are scarce in takaful industry in Bangladesh.…”

Section: Shortage Of Skilled Personnelmentioning

confidence: 99%

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Issues and Challenges of Financial Management Practices in Islamic Financial Institutions: Empirical Evidence From Bangladesh

Islam

Mamun

Islam³

et al. 2021

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Studies suggest several issues and challenges of financial management practices in Islamic banks and insurance companies and Islamic non-bank financial institutions (INBFIs) in Bangladesh. The purpose of the research is to examine the issues and challenges of Islamic Financial Management (IFM) from an empirical perspective. The study relies on a structured questionnaire survey in prominent Islamic financial institutions (IFIs) of Bangladesh for achieving its objective. After confirming data reliability based on Cronbach's alpha, the study proceeds to analyse by applying descriptive statistics and principal component factor analysis using correlation, Kaiser-Meyer-Olkin (KMO) and Bartlett's Test and VARIMAX Rotation. The study finds that there is no separate regulatory framework to supervise and monitor IFIs in Bangladesh rather the central bank regulates the Islamic financial system based on the existing laws and regulations of the conventional financial system. The findings of this study suggest that the government should establish a separate regulatory body for monitoring the IFI’s functions so that they can perform their activities smoothly in the congenial environment in Bangladesh. JEL Classification Codes: G10, G21, G23.

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Section: Pca Of Challenges Of Islamic Insurance Companiesmentioning

confidence: 99%

Section: Lengthy Procedures In Claim's Settlementmentioning

confidence: 99%

Section: Shortage Of Skilled Personnelmentioning

confidence: 99%

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Issues and Challenges of Financial Management Practices in Islamic Financial Institutions: Empirical Evidence From Bangladesh

Islam

Mamun

Islam³

et al. 2021

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“…Jehanzeb and Ahmed Bashir (2013) inspect the structure and elements of employee training and development program and later the study present what are the positive outcomes for employees and organizations. Tried to find out the factors affecting the performance of the employee and analysis the effect of the training program Khan, Rahman, Yusoff, and Nor (2016) explain the history, current problems, and future possibilities of Islamic insurance (takaful) in Bangladesh. Sarwar (2016) aims to examine the experience, challenges, and key drives for the growth of the latest progress of the Takaful industry in Bangladesh.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Raja and Kumar (2016) and Islam and Zaman (2013) evaluate the effectiveness of training and development programs in Ashok Leyland Ltd. in India. Khan et al (2016) Job analysis -manpower planning -at the start of the business and as ongoing process performance appraisal -standards, methods, and errors were observed. From the early stage of the 21st century, we found that a remarkable flow surrounded by the businesses to draw and keep hold of the endowment.…”

Section: Literature Reviewmentioning

confidence: 99%

The Effects of Training to the Employee Performance and Development: A Study of Fareast Islami Life Insurance Company Limited, Bangladesh

Hassan¹,

Mizanuzzaman²,

Islam³

2020

ijbmf

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Fostering more efficient capital allocation; encouraging loss mitigation; enabling risk to be managed more efficiently; helping mobilized savings; facilitating trade and commerce; substituting for and complementing government security programs and promoting financial stability insurance company plays a vital role to a country's economy. Despite prolonged political instability, poor infrastructure, endemic corruption, insufficient power supplies, and slow implementation of economic reforms Bangladesh's economy has grown by approximately 6 percent annually for two decades. In this case, the insurance companies of Bangladesh have been keeping a significant role for a long since. Considering the enhancement of the development of insurance sectors, different institutes and academics have been established. But those are inadequate for the fulfillment of developing this industry and manpower also. So, regarding this context, I select the matter of The Effects of Training & Development of Performance: A Case Study of Fareast Islamic Life Insurance Ltd. This study is conducted to Fareast Islamic Life Insurance Head Office and its five branch offices. Identification of the improvement of manpower and their occupational development and how they can contribute to their organization is the main issue of this study.

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The effect of macroeconomic variables on the performance of non-life insurance companies in Bangladesh

Hasan

Islam²,

Wahid

2018

Ind. Econ. Rev.

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This study examines the impact of some selected macroeconomic variables on the performance of the non-life insurance companies of Bangladesh. Here, we consider 32 such companies that are operating in the country. These companies are observed over the period of 7 years (2009)(2010)(2011)(2012)(2013)(2014)(2015) giving rise to 224 panel observations. In our study, we use two performance measures, like return on asset (ROA) and return on equity (ROE) as dependent variables. The explanatory variables are categorized as macroeconomic factors and firm-specific factors. Former includes variable such as inflation rate, GDP growth rate, interest rate, and exchange rate. To measure the firm-specific factors, we use eight proxy variables such as age, size, loss ratio, solvency margin, assets tangibility, liquidity ratio, debt ratio, and management competence index as explanatory variables. The research employs panel data regression methodology to examine the effects of macroeconomic variables on the performance of the aforementioned companies. The regression results of our study suggest that except interest rate, none of the macroeconomic variables has statistically significant influence on the performance of non-life insurance companies. These results, indeed, gainsay with economic theories. On the other hand, the firms' specific factors; e.g., age, sizes, loss ratio, solvency margin, tangibility of assets, and management competence index have statistically significant impact on the performance of the non-life insurance sector of Bangladesh. Thus, the interest rate along with firm-specific factors can be identified as determinants of the performance of the Bangladeshi nonlife insurance companies. This analysis obviously provides some noteworthy new information to different stakeholders of the Bangladesh non-life insurance sector. In particular, the findings of the study are expected to be useful to both domestic and foreign investors to make more rational decisions regarding selection of insurance companies' stocks for their portfolios at Dhaka stock exchange. Public policy authorities may also use the same results to formulate sound policies to ensure economic growth and stability of the nation.

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History, problems, and prospects of Islamic insurance (Takaful) in Bangladesh

Cited by 15 publications

References 13 publications

Issues and Challenges of Financial Management Practices in Islamic Financial Institutions: Empirical Evidence From Bangladesh

Issues and Challenges of Financial Management Practices in Islamic Financial Institutions: Empirical Evidence From Bangladesh

The Effects of Training to the Employee Performance and Development: A Study of Fareast Islami Life Insurance Company Limited, Bangladesh

The effect of macroeconomic variables on the performance of non-life insurance companies in Bangladesh

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