Advertisement Announcement NewsLetter Takaful keeps everything in perfect harmony Takaful Insurance is founded on the cooperative concept and on the principle of separation between the funds and the operations of shareholders; thus passing the ownership of the fund to the policyholders. The company manages and operates the Takaful fund on their behalf. The relationship between members of the fund is that of cooperation for mutual benefit.
In addition, the second highest Muslim population in the world and also the second highest total population belong to India.
Based on the review of religious teachings, conventional insurance is not in favor due to the prohibited elements Report takaful its practice. However, Takaful known as an ethical insurance seems to fit in all religions and it has been widely introduced in both Muslim and non-Muslim countries all over the world.
However, Takaful has not been offered until now. Therefore, the objective of this paper is to explore on the factors which are pulling Takaful to be offered in India. The review of literature finds that there are seven main attracting factors to offer Takaful in India.
Firstly, there is a limited engagement of life insurance by Muslims and hence, if Takaful is offered, it can grasp the untapped market.
Secondly, there is historical evidence of existence of unethical conventional insurance practices in India. Third factor is related to the rapid growth of the Takaful industry all over the world showing the wide acceptance of Takaful regardless of the country and religion.
Fourthly, India has the second highest Muslim population in the world and thus, India should initiate offering it. Fifth point is related to the involvement of the conventional insurance practices in interest, uncertainty and gambling and these items are prohibited by the main religions in India and the advantage of Takaful is that it is free from these prohibited elements.
The six highlight is concerned with the economic growth of India and generally there is a positive relationship between growth of insurance industry and economy. The last fact is the practice of surplus sharing in Takaful which can attract the policy holders.
It is expected that the paper will be of interest of investors, Insurance operators, regulators and general public in India.Report provides a background to the market and reviews Takaful operating models.
Issues and challenges facing the Takaful industry are presented (which unsurprisingly are consistent with other Islamic finance sectors such as awareness, lack of human resources and lack of standardisation).
of this report is to highlight the key issues and challenges facing the world of Takaful and suggested areas where work is required to find solutions.
Therefore this report is intended to provide useful reference material for practioners by. No one cares quite like Etiqa does.
Winner of the Best Motor Insurance and Motor Takaful Provider / Explore car coverage. The report, Global Takaful Market , has been prepared based on an in-depth market analysis with inputs from industry experts.
The report covers APAC, GCC, and ROW; it also covers the landscape of the global takaful market and its growth prospects in the coming years. The Annual Report of the Director General of Takaful provides a review of the performance and developments of the Malaysian takaful industry, which comprised two takaful operators, namely, Syarikat Takaful Malaysia Berhad (STMB) and Takaful Nasional Sendirian Berhad (TNSB), during /, and the administration of the Takaful Act CONCEPT AND NATURE OF RETAKAFUL Re-takaful has a close relationship with takaful operations where retakaful is a form of takaful and the competitiveness of retakaful market is depend on the competitiveness of the direct takaful market.