Islamic insurance in the global economy
Islamic insurance industry is experiencing a period of rapid growth in terms of its net contributions and profit, however, at the same time, the development of this industry is still faced with tough obstacles and constraints due to the Shar'iah issues in some certain aspects. Islamic insuran...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
International Journal of Business and Management Invention (IJBMI)
2017
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/57681/ http://irep.iium.edu.my/57681/ http://irep.iium.edu.my/57681/1/Islamic%20Insurance%20in%20the%20Global%20Economy.pdf |
| Summary: | Islamic insurance industry is experiencing a period of rapid growth in terms of its net
contributions and profit, however, at the same time, the development of this industry is still faced with
tough obstacles and constraints due to the Shar'iah issues in some certain aspects. Islamic insurance
operations need to be fine-tuned to meet the Islamic direction and the needs of Muslims. There are
many different operational models with various Islamic jurisdictions trying to meet the needs of
Muslims in general as regard Islamic insurance in the global Islamic economy. The two challenging
issues that are studied are the ownership of the Islamic insurance risk fund and the surplus
distribution accumulated from the risk fund. The findings reviewed that insurance principles
contribute substantially to Islamic insurance operation (β = 0.405) justification in terms of Islamic
features and operator fees (β =0.925) and (β =0.255) respectively. |
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