Islamic insurance model revisited: Operationalizing the business paradigm within the Shari’ah parameters / Fatima Abdelwahab Galal

This thesis revisited the Islamic insurance models’ operations and its various business paradigms within the Shari’ah parameters in three different countries which are Bahrain, Malaysia, and Sudan. Although, the Islamic insurance industry is experiencing a period of rapid growth in terms of its net...

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Main Author:	Abdelwahab Galal, Fatima
Format:	Book Section
Language:	English
Published:	Institute of Graduate Studies, UiTM 2016
Subjects:	Insurance Finance, Islamic Malaysia
Online Access:	http://ir.uitm.edu.my/id/eprint/19697/ http://ir.uitm.edu.my/id/eprint/19697/1/ABS_FATIMA%20ABDELWAHAB%20GALAL%20TDRA%20VOL%209%20IGS%2016.pdf

id	uitm-19697
recordtype	eprints
spelling	uitm-196972018-06-07T06:02:46Z http://ir.uitm.edu.my/id/eprint/19697/ Islamic insurance model revisited: Operationalizing the business paradigm within the Shari’ah parameters / Fatima Abdelwahab Galal Abdelwahab Galal, Fatima Insurance Finance, Islamic Malaysia This thesis revisited the Islamic insurance models’ operations and its various business paradigms within the Shari’ah parameters in three different countries which are Bahrain, Malaysia, and Sudan. Although, the Islamic insurance industry is experiencing a period of rapid growth in terms of its net contributions and profit, amidst tough obstacles and constraints due to the Shar’iah issues in certain aspects. Islamic insurance operations require finetuning in line with Islamic jurisprudence and Muslims need. 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. However, each of these models has its own advantages and disadvantages. Moreover, there is no agreement amongst the Islamic scholars on which of these models can be considered the best. This means different organizations use the same Islamic contract but with different applications. These models, which are Wakalah, Mudarabah, Waqaf and the Hybrid model, have several shortcomings that need to be studied and addressed to strengthen global Islamic insurance industry. The two challenging issues that are studied are the ownership of the Islamic insurance risk fund or the contribution fund and the surplus distribution accumulated from the risk fund. There are differences of opinion regarding Shari’ah compliance of certain practices. This has led to layers of regulatory differences in countries like Bahrain, Malaysia, and Sudan, resulting in initiation of separate regulatory frameworks for Islamic insurance as a medium to ensure rapid growth and encourage Islamic insurance. This study adopts MANOVA because there are multiple dependent variables as well as independent variables within the constructs of the research… Institute of Graduate Studies, UiTM 2016 Book Section PeerReviewed text en http://ir.uitm.edu.my/id/eprint/19697/1/ABS_FATIMA%20ABDELWAHAB%20GALAL%20TDRA%20VOL%209%20IGS%2016.pdf Abdelwahab Galal, Fatima (2016) Islamic insurance model revisited: Operationalizing the business paradigm within the Shari’ah parameters / Fatima Abdelwahab Galal. In: The Doctoral Research Abstracts. IGS Biannual Publication, 9 (9). Institute of Graduate Studies, UiTM, Shah Alam.
repository_type	Digital Repository
institution_category	Local University
institution	Universiti Teknologi MARA
building	UiTM Institutional Repository
collection	Online Access
language	English
topic	Insurance Finance, Islamic Malaysia
spellingShingle	Insurance Finance, Islamic Malaysia Abdelwahab Galal, Fatima Islamic insurance model revisited: Operationalizing the business paradigm within the Shari’ah parameters / Fatima Abdelwahab Galal
description	This thesis revisited the Islamic insurance models’ operations and its various business paradigms within the Shari’ah parameters in three different countries which are Bahrain, Malaysia, and Sudan. Although, the Islamic insurance industry is experiencing a period of rapid growth in terms of its net contributions and profit, amidst tough obstacles and constraints due to the Shar’iah issues in certain aspects. Islamic insurance operations require finetuning in line with Islamic jurisprudence and Muslims need. 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. However, each of these models has its own advantages and disadvantages. Moreover, there is no agreement amongst the Islamic scholars on which of these models can be considered the best. This means different organizations use the same Islamic contract but with different applications. These models, which are Wakalah, Mudarabah, Waqaf and the Hybrid model, have several shortcomings that need to be studied and addressed to strengthen global Islamic insurance industry. The two challenging issues that are studied are the ownership of the Islamic insurance risk fund or the contribution fund and the surplus distribution accumulated from the risk fund. There are differences of opinion regarding Shari’ah compliance of certain practices. This has led to layers of regulatory differences in countries like Bahrain, Malaysia, and Sudan, resulting in initiation of separate regulatory frameworks for Islamic insurance as a medium to ensure rapid growth and encourage Islamic insurance. This study adopts MANOVA because there are multiple dependent variables as well as independent variables within the constructs of the research…
format	Book Section
author	Abdelwahab Galal, Fatima
author_facet	Abdelwahab Galal, Fatima
author_sort	Abdelwahab Galal, Fatima
title	Islamic insurance model revisited: Operationalizing the business paradigm within the Shari’ah parameters / Fatima Abdelwahab Galal
title_short	Islamic insurance model revisited: Operationalizing the business paradigm within the Shari’ah parameters / Fatima Abdelwahab Galal
title_full	Islamic insurance model revisited: Operationalizing the business paradigm within the Shari’ah parameters / Fatima Abdelwahab Galal
title_fullStr	Islamic insurance model revisited: Operationalizing the business paradigm within the Shari’ah parameters / Fatima Abdelwahab Galal
title_full_unstemmed	Islamic insurance model revisited: Operationalizing the business paradigm within the Shari’ah parameters / Fatima Abdelwahab Galal
title_sort	islamic insurance model revisited: operationalizing the business paradigm within the shari’ah parameters / fatima abdelwahab galal
publisher	Institute of Graduate Studies, UiTM
publishDate	2016
url	http://ir.uitm.edu.my/id/eprint/19697/ http://ir.uitm.edu.my/id/eprint/19697/1/ABS_FATIMA%20ABDELWAHAB%20GALAL%20TDRA%20VOL%209%20IGS%2016.pdf
first_indexed	2023-09-18T23:03:05Z
last_indexed	2023-09-18T23:03:05Z
_version_	1777418303618154496

Islamic insurance model revisited: Operationalizing the business paradigm within the Shari’ah parameters / Fatima Abdelwahab Galal

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