Implementing Takaful in India: Prospects, Challenges, and Solutions

This book encourages insurance companies and regulators to explore offering Islamic insurance to boost the insurance industry in India, which is based on the size of its Muslim population and the growth of its economy. It is free from interest, uncertainty, and gambling, which are prohibited in Islam, and has been offered in non-majority Muslim countries. This book fills the gap in research on the viability of Takaful in India by examining the perception of Indian insurance operators toward Takaful.

Format: Paperback / softback
Length: 119 pages
Publication date: 08 October 2022
Publisher: Springer Verlag, Singapore

The 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, as it 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, as 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, which 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.

The 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, as it 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, as 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, which 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.

Weight: 232g
Dimension: 235 x 155 (mm)
ISBN-13: 9789811662836
Edition number: 1st ed. 2021