Takaful industry and Blockchain: challenges and opportunities for costs’ reduction in Islamic insurance companies

Radwan, Maha; Calandra, Davide; Koumbarakis, Paris

doi:10.13135/2421-2172/4926

Cited by 6 publications

(5 citation statements)

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“…Moreover, claims management through blockchain technology enables clients to track the claim process in real time, thereby eliminating uncertainty and lack of transparency (Nair, 2019). Blockchain technology also allows insurers to prevent fraud and enhance claims reviews by providing a transparent, unchangeable, and distributed ledger that cannot be edited, destroyed, or manipulated (Radwan et al, 2020). These are thus consistent with the goals of Maqasid al-Shariah, which are to preserve wealth as blockchain technology has the ability to store huge amounts of information that cannot be manipulated.…”

Section: Maqasid Al-shariah -Protection Of Wealthmentioning

confidence: 62%

“…The technology can also identify, verify, and automatically determine medical claim mistakes, rejects, and possible denials issued in real time (Nair, 2019). It is believed that the implementation of blockchain technology could lower the amount of money invested for operating expenses by takaful companies, thereby improving their cost effectiveness (Radwan et al, 2020). Furthermore, blockchain may be able to securely store and promptly verify transactional data (VanderLinden et al, 2018).…”

Section: Blockchain In Claim Managementmentioning

confidence: 99%

“…Efficient claims processing can reduce expenses, fraud, and the loyalty of the policyholder to the operator, which can also improve responsiveness towards policyholders (Radwan et al, 2020). By using blockchain technology, operators can verify claims and track the ownership of the property.…”

Section: Maqasid Al-shariah -Protection Of Wealthmentioning

confidence: 99%

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Potentials of Blockchain for Claim Management of Islamic Insurance (Takaful) Operators in Malaysia

Ibrahim,

Muhamat,

Abdul Karim

et al. 2024

E-BPJ

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As a result of its rapid rate of change, the takaful industry is now one of the most exciting industries in the digital era. Emerging technologies and innovations are now a means of streamlining and simplifying the current system. Blockchain technology has also piqued the industry's interest in innovations that enhance how takaful is traditionally assembled, purchased, and experienced. Therefore, this paper aims to investigate the potential for implementing blockchain technology in claim processing in Malaysia's takaful industry, where innovation is believed to serve the takaful participants as the primary beneficiaries and the takaful operators to a greater height

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Section: Maqasid Al-shariah -Protection Of Wealthmentioning

confidence: 62%

Section: Blockchain In Claim Managementmentioning

confidence: 99%

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Potentials of Blockchain for Claim Management of Islamic Insurance (Takaful) Operators in Malaysia

Ibrahim,

Muhamat,

Abdul Karim

et al. 2024

E-BPJ

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“…These include Islamic financial products such as Mudarabah which is based on a profit and loss sharing (PLS) mechanism instead of pre-determined fixed returns. Under Mudarabah , bank act as Mudarib and carry out investment activities and profit is shared between banks and participants at a pre-determined ratio (Radwan et al , 2020). Under the PLS mechanism, agency cost faced by Islamic banks can be lower than their conventional counterparts.…”

Section: Literature Reviewsmentioning

confidence: 99%

Ownership in Islamic banks: how home country development influences the performance of foreign Islamic banks

Saw

Law²,

Jubilee³

et al. 2022

IMEFM

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Purpose This study aims to assess the performance of domestic and foreign Islamic banks as well as the influence of foreign banks’ home country development influence on the performance of foreign banks. Design/methodology/approach This study uses data of 17 domestic Islamic banks and 11 foreign Islamic banks from Bahrain, Malaysia and Pakistan from 2010 to 2018. Pooled ordinary least square is used to investigate the relationship between home country development and performance of foreign Islamic banks. Findings Results from this paper suggest domestic Islamic banks in Malaysia have higher performance than their foreign counterparts while foreign Islamic banks from Pakistan have higher performance than their domestic counterparts. However, as a whole, the performance of domestic and foreign Islamic banks is not significantly different from one another. Development of foreign banks’ home country measured by gross national income per capita and gross domestic product per capita show significant positive influence on the performance of foreign Islamic banks. Originality/value Higher level of development of the home country of foreign banks appears to influence the performance of foreign banks in the host country.

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“…Chong (2021) also added of implementing blockchain in Islamic finance is the Shari'ah principle challenge which require human understanding. Radwan et al, (2020) analyzed the potential of blockchain technology in Takaful industry. They revealed that the use of blockchain technology have a positive impact in takaful operation, including the transparency and efficiency aspect.…”

Section: Introductionmentioning

confidence: 99%

Clustering research on Islamic fintech studies

Maulida

2024

IFT

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Takaful industry and Blockchain: challenges and opportunities for costs’ reduction in Islamic insurance companies

Cited by 6 publications

References 0 publications

Potentials of Blockchain for Claim Management of Islamic Insurance (Takaful) Operators in Malaysia

Potentials of Blockchain for Claim Management of Islamic Insurance (Takaful) Operators in Malaysia

Ownership in Islamic banks: how home country development influences the performance of foreign Islamic banks

Clustering research on Islamic fintech studies

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