Religious and Socioeconomic Implications of Islamic Insurance: A Review

Rahman, Nursyuhadah Abdul; Osman, Zurul Aisya; Ani, Nur Syairah; Ahmad, Zulkarnian

doi:10.5430/ijfr.v10n5p313

Cited by 4 publications

(2 citation statements)

References 26 publications

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“…They found that only claims have a positive effect on the proportion of tabarru' fund on Family Takaful in Indonesia. Rahman et al (2019) on the other hand, evaluated religious and socioeconomic implication of takaful to the society and found that takaful industry influences the society in making decision with regards to protection of their life, family as well as wealth preservation.…”

Section: Literature Reviewmentioning

confidence: 99%

Users Perspective on Voluntary Disclosure of Takaful Policy Requirements in Malaysia

Alias¹,

Ghafar²,

Osman³

et al. 2023

IJARBSS

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Takaful also known as Islamic insurance industry has been growing rapidly across the globe. The unique organizational structures of takaful operators, their products' and participants' rights have increased the demand for transparency and put additional pressure to voluntarily disclosed more information. This study focuses on disclosure of takaful information from user's perspective. A checklist was developed to represent desirable level of disclosure based on various requirements and standards. To measure the voluntary disclosure level, the checklist was distributed to takaful agents to examine their perception of the disclosure on takaful information. The findings show that majority of the users (86.14%) agreed that all disclosure items on takaful policy requirements are meaningful. It is hoped that the findings will assist authorities in formulating guideline or policy pertaining to meaningful disclosure for the users in the future.

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Section: Literature Reviewmentioning

confidence: 99%

Users Perspective on Voluntary Disclosure of Takaful Policy Requirements in Malaysia

Alias¹,

Ghafar²,

Osman³

et al. 2023

IJARBSS

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“…Previous studies can be classified into three main areas; research on knowledge and perception of takaful products, the basic concepts of takaful and consumer behaviour and preferences of takaful products. Several studies examined the level of awareness , knowledge and perception on takaful products and services (Maysami & Williams, 2006;Abdul Wahab et al, 2007;Hamid et al, 2009;Bashir & Mail, 2011;Ismail et al, 2011;Akhter & Hussain, 2012;Ayinde & Echchabi, 2012;Salleh et al, 2013;Arofah et al, 2019;Rahman et al, 2019). Other studies explore and clarify the basic concepts and products of takaful (Maysami & Kwon, 1999;Bekkin, 2007;Altuntas et al, 2011;Muhamat@Kawangit et al, 2012;Amuda and Hassan, 2019;Ismail et al, 2021).…”

Section: Literature Review Previous Research On Takafulmentioning

confidence: 99%

Takaful Reporting on IFSB Requirements in Malaysia: Users and Preparers Perspective

Alias¹,

Sulaiman²,

Ariffin³

et al. 2023

IJARAFMS

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Bank Negara Malaysia (2014) mentioned the importance of having meaningful disclosure to protect participants. However, it did not provide details of the elements of meaningful disclosure. There is no specific guidelines or standards of what should be reported and how detailed the items should be reported. Takaful operators have more knowledge in the operational aspect of takaful, compared to the participants. Authorities try to harmonise all the possible variations and gaps between takaful operators (preparers) and participants (users) for the benefit of the industry. Any gap between what is expected to be reported (desirable) and what is actually reported needs to be analysed in order to provide more information relevant to the users and to standardise the disclosure level. By adopting Sulaiman's (2005) framework, the study determines what users and preparers perceive as meaningful disclosure on the Islamic Financial Services Board (IFSB) standards. The first two objectives of the study are to determine the disclosure perspectives of the two parties while the third objective is to examine if gaps exist between the two stakeholders. Questionnaire was distributed to takaful agents to examine their perception while content analysis was employed to evaluate the actual level of disclosure in takaful operators' websites. The gap analysis was conducted between the desired and actual level of disclosure and found significant differences among all the gaps. Additionally, the average level of disclosure is 44%. It is hoped that the findings will assist authorities in formulating guideline in takaful industry in Malaysia.

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A Review on Literature of Islamic Insurance

Chusaini,

Apriantoro,

Yayuli

2023

Advances in Social Science, Education and Humanities Research

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This study examines the Islamic insurance literature published in reputable international journals. This paper briefly examines the current status of various issues raised in the Islamic insurance literature. It then attempts to define and suggest for the sake of the overall objective of an Islamic socioeconomic and financial system with an Islamic insurance foundation. In this paper, insurance can be seen as a helpful aggregate form, unfolding gradually, discretely and depending on circumstances. This research is sourced from methods that produce qualitative data using multiple linear regression analysis. That is a regression model that involves more than one independent variable. This research can be used as a reference, evaluation and source of improvement to benefit companies and non-Islamic insurance companies to improve performance and existing knowledge, as well as changing views with the takaful concept that has been improved and away from the "gharar" and "usury" system. Inherent in the minds of the people of the circulating economic system. Moreover, ultimately lead to a healthy work system using takaful.

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Religious and Socioeconomic Implications of Islamic Insurance: A Review

Cited by 4 publications

References 26 publications

Users Perspective on Voluntary Disclosure of Takaful Policy Requirements in Malaysia

Users Perspective on Voluntary Disclosure of Takaful Policy Requirements in Malaysia

Takaful Reporting on IFSB Requirements in Malaysia: Users and Preparers Perspective

A Review on Literature of Islamic Insurance

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