Implementing Takaful in India

This book encourages insurance companies and regulators to explore offering Islamic insurance to boost the insurance industry in India. The distinctive features of Takaful also make it appealing even to non-Muslims. According to the 2012 World Takaful Report, India has immense potential for Takaful is based on the size of its Muslim population and the growth of its economy. However, it is surprising that Takaful has yet to be introduced in India since it has been offered in non-majority Muslim countries, such as Singapore, Thailand, and Sri Lanka. When the concept and practice of Takaful are examined, it is free from interest, uncertainty, and gambling. These are the main elements prohibited in Islam. However, it has been evidenced that these elements are also banned in teaching other religions believed by the Indians. Given this landscape, this book fills the gap in research on the viability of Takaful in India, focusing on its empirical aspects by examining the perception of Indian insurance operators toward Takaful.

Investigates the viability of introducing Takaful as alternative to conventional insurance Offers strategies and solutions to overcome weaknesses in existing models Redefines concepts of ethical insurance, CSR insurance, and mutual or social insurance

Autorentext

Syed Ahmed Salman is Senior Lecturer (Assistant Professor) at Faculty of Business and Accountancy, Lincoln University College, Malaysia. He holds a Ph.D. in Islamic Banking and Finance from the Institute of Islamic Banking and Finance, International Islamic University Malaysia, and is a researcher of Islamic finance, with a particular focus on Takaful.

Inhalt
Introduction of Takaful in India.- Risk, Risk Management and Insurance: Conventional and Islamic Dimensions.- Takaful: Concept, Principles, Types, And Models.- Takaful in Non-Muslim Countries: A way Forward.- Research Methodology.- Findings from Interviews with Insurance Operators.- Conclusion and Suggestions.