Shariah Governance Practices and Regulatory Problems of Islamic Insurance Companies in Bangladesh

Alam, Md. Kausar; Rahman, Suhaimi Ab; Hossain, Md. Shamim; Hosen, Sharif

doi:10.6007/ijarbss/v9-i1/5368

Cited by 7 publications

(5 citation statements)

References 11 publications

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“…By following sharia principles both in the process of obtaining funds in insurance policies and in the process of managing insurance funds, Islamic Insurance assures that the elements of haram, usury, gharar, and maysir detected in conventional insurance are eliminated. Islamic Insurance also assures that the Sharia Supervisory Board is in charge of overseeing the execution of sharia rules (M. K. Alam et al, 2019;Alsahliy et al, 2020;Dahnoun & Alqudwa, 2018;Hemrit, 2020).…”

Section: Coefficient Of Determination Test (R 2 ) Raheel Goharmentioning

confidence: 99%

Does Reading Increase the Younger Generation's Intention to Use Islamic Non-Bank Financial Products?

Windari,

Hardana,

R Hutagalung

et al. 2023

al. kharaj. j. islam. econ. bus.

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Islamic financial institutions have traditionally been dominated by the banking sector. Non-Bank Financial Institutions (NBFIs) actually offer options to meet the various financial needs of the general people. A highly potential target market for Islamic Non-Bank Financial Institutions is the younger Muslim population. This study aims to investigate the potential impact of literacy on young Muslims' inclination to use products offered by non-bank financial institutions. This study uses a quantitative approach using simple linear regression analysis on 138 Muslim youth in North Sumatra. The results of the study demonstrate that the intentions of the younger generation of Muslims to utilize products from Islamic Non-Bank Financial Institutions are positively and significantly influenced by literacy. The official and informal forms of education and socialization play a significant role in increasing the literacy rate of the younger Muslim generations.

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Section: Coefficient Of Determination Test (R 2 ) Raheel Goharmentioning

confidence: 99%

Does Reading Increase the Younger Generation's Intention to Use Islamic Non-Bank Financial Products?

Windari,

Hardana,

R Hutagalung

et al. 2023

al. kharaj. j. islam. econ. bus.

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“…The Act defined Islamic insurance but did not provide specific guidance and regulations to control and monitor Islamic insurance. Article 7 in the Insurance Act 2010 grants permission to only conventional life insurance companies, not general insurers, to set up takaful windows (Alam et al, 2019).…”

Section: Asian Marketsmentioning

confidence: 99%

Takaful: chronology of establishment in 47 countries

Alshammari,

Altwijry,

Abdul-Wahab

2023

PRR

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PurposeFrom 1979 to 2023, the takaful structure has been adopted in many jurisdictions, making the documenting of its early days of establishment relatively difficult and somewhat unreliable. This is unlike conventional insurance, where the history and legislation are well documented and archived in various research (Hellwege, 2016; Marano and Siri, 2017). The purpose of this paper is to provide a chronology for the establishment and development of takaful via the takaful establishment in each jurisdiction, documenting its first takaful operator and first takaful regulation.Design/methodology/approachThis paper has used a qualitative method in the form of reviewing literature and available data such as journals, books and official resources. The data is thoroughly analysed in order to build the chronology for takaful. It adopted an exploratory research design, which is deemed suitable in situations where few works of literature have examined the subject (Neuman, 2014). The paper explores the establishment and non-establishment of takaful in 57 countries. The paper categorises the countries into seven regions starting with the GCC, Levant, Asia, Central Asia, Africa, Europe and Others.FindingsThe takaful chronology presented in this paper shows that takaful operations exist in 47 jurisdictions, starting from Sudan and the UAE in 1979, with the most recent adopters being Morocco and Iran in December 2021. It is found that 22 jurisdictions do not have takaful regulations, and the Takaful Act 1984, issued in Malaysia, is considered the first takaful regulation that sets the basis for other regulations that follow.Originality/valueThe paper contributes to the literature by providing a comprehensive chronology of takaful, especially as the few existing timelines have been found to be incomplete and consist of contradictory information.

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“…The figure below illustrates a model structure of the roles, functions, and reporting relationships of key organs in the IFI's Shari'ah governance framework: The highest level of institutional arrangement is known as the Shari'ah committee (SC) which is the body accountable for Shari'ah related matters by the respective IFI. Each jurisdiction adopts different practices and models of Shari'ah governance (Alam et al, 2019). For example, a centralized Shari'ah governance model has been adopted in Malaysia, comprising a two-tier model.…”

Section: Viability Of Islamic Finance Through Shariah Governance Fram...mentioning

confidence: 99%

Realizing Maqasid Al-Shari’ah in Shari’ah Governance: A Case Study of Islamic Banking Institutions Malaysia

Ahmad

2020

Int. J. Is. Ec. Fi. Res.

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This study explores how far the element of maqasid al-Shari’ah is realized through the practice of Shari’ah governance in Malaysia. Among the main bodies in Islamic banking institutions, Shari’ah governance plays a vital role in ensuring that all financial activities comply with Shari’ah rulings and its objective. Based on library research, this study analyzes secondary sources including books, articles and related documents to obtain a clear picture of the element of maqasid al- shari’ah in Shari’ah governance. The findings reveal that two special maqasid have been realized through the practice of Shari’ah governance in Malaysia: ensuring the viability of Islamic banking institutions and promoting transparency. While this study is limited due to the lack of empirical analysis, it could be considered as being among the preliminary studies on the topic of maqasid al-Shari’ah in Shari’ah governance.

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Shariah Governance Practices and Regulatory Problems of Islamic Insurance Companies in Bangladesh

Cited by 7 publications

References 11 publications

Does Reading Increase the Younger Generation's Intention to Use Islamic Non-Bank Financial Products?

Does Reading Increase the Younger Generation's Intention to Use Islamic Non-Bank Financial Products?

Takaful: chronology of establishment in 47 countries

Realizing Maqasid Al-Shari’ah in Shari’ah Governance: A Case Study of Islamic Banking Institutions Malaysia

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