Future of Islamic insurance (takaful) in Indian market
Takaful has been accepted as an alternative to insurance and it becomes popular not only in Muslim countries but also in non-Muslim countries. Similar to the insurance, takaful can provide the same benefit, coverage and protection to the participants. And it has an additional unique feature, i.e. it...
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| Format: | Proceeding Paper |
| Language: | English English English English |
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2013
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| Online Access: | http://irep.iium.edu.my/31225/ http://irep.iium.edu.my/31225/1/TAKAFUL_Syed_Ahmed_Salman.pdf http://irep.iium.edu.my/31225/2/Picture_004.jpg http://irep.iium.edu.my/31225/8/Picture_001.jpg http://irep.iium.edu.my/31225/9/Picture_003.jpg |
| _version_ | 1848780397142343680 |
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| author | Syed, Ahmed Salman Htay, Sheila Nu Nu |
| author_facet | Syed, Ahmed Salman Htay, Sheila Nu Nu |
| author_sort | Syed, Ahmed Salman |
| building | IIUM Repository |
| collection | Online Access |
| description | Takaful has been accepted as an alternative to insurance and it becomes popular not only in Muslim countries but also in non-Muslim countries. Similar to the insurance, takaful can provide the same benefit, coverage and protection to the participants. And it has an additional unique feature, i.e. its compliant nature with Islamic principles. India is ranked in the third position in terms of Muslim population in the world. In addition, worldwide India and China accounted for 40% of world's economic growth in the year 2011. According to the World Takaful Report (2009), the annual compounded growth rate of takaful is 31% and Indian sub-continent represents the highest growth of 85% in its Takaful contributions. Furthermore, takaful products are meant for both Muslims and non-Muslims. It is believed that if India is offering takaful products, it will be able to attract more Muslim participants while fulfilling the needs of non-Muslims. Therefore, it is expected that India can be the future takaful giant market. The regulators and the current insurance operators in India should relook at the needs and the trends of the market to take the opportunity of Indian growing economy and takaful unique nature. |
| first_indexed | 2025-11-14T15:33:01Z |
| format | Proceeding Paper |
| id | iium-31225 |
| institution | International Islamic University Malaysia |
| institution_category | Local University |
| language | English English English English |
| last_indexed | 2025-11-14T15:33:01Z |
| publishDate | 2013 |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | iium-312252013-08-16T01:32:17Z http://irep.iium.edu.my/31225/ Future of Islamic insurance (takaful) in Indian market Syed, Ahmed Salman Htay, Sheila Nu Nu HG1501 Banking Takaful has been accepted as an alternative to insurance and it becomes popular not only in Muslim countries but also in non-Muslim countries. Similar to the insurance, takaful can provide the same benefit, coverage and protection to the participants. And it has an additional unique feature, i.e. its compliant nature with Islamic principles. India is ranked in the third position in terms of Muslim population in the world. In addition, worldwide India and China accounted for 40% of world's economic growth in the year 2011. According to the World Takaful Report (2009), the annual compounded growth rate of takaful is 31% and Indian sub-continent represents the highest growth of 85% in its Takaful contributions. Furthermore, takaful products are meant for both Muslims and non-Muslims. It is believed that if India is offering takaful products, it will be able to attract more Muslim participants while fulfilling the needs of non-Muslims. Therefore, it is expected that India can be the future takaful giant market. The regulators and the current insurance operators in India should relook at the needs and the trends of the market to take the opportunity of Indian growing economy and takaful unique nature. 2013-06 Proceeding Paper PeerReviewed application/pdf en http://irep.iium.edu.my/31225/1/TAKAFUL_Syed_Ahmed_Salman.pdf application/pdf en http://irep.iium.edu.my/31225/2/Picture_004.jpg application/pdf en http://irep.iium.edu.my/31225/8/Picture_001.jpg application/pdf en http://irep.iium.edu.my/31225/9/Picture_003.jpg Syed, Ahmed Salman and Htay, Sheila Nu Nu (2013) Future of Islamic insurance (takaful) in Indian market. In: ICMBE- 2013 International Conference on Management, Business and Economics., 7 - 8 June 2013, Vijayawada, Andhra Pradesh, India. |
| spellingShingle | HG1501 Banking Syed, Ahmed Salman Htay, Sheila Nu Nu Future of Islamic insurance (takaful) in Indian market |
| title | Future of Islamic insurance (takaful) in Indian market |
| title_full | Future of Islamic insurance (takaful) in Indian market |
| title_fullStr | Future of Islamic insurance (takaful) in Indian market |
| title_full_unstemmed | Future of Islamic insurance (takaful) in Indian market |
| title_short | Future of Islamic insurance (takaful) in Indian market |
| title_sort | future of islamic insurance (takaful) in indian market |
| topic | HG1501 Banking |
| url | http://irep.iium.edu.my/31225/ http://irep.iium.edu.my/31225/1/TAKAFUL_Syed_Ahmed_Salman.pdf http://irep.iium.edu.my/31225/2/Picture_004.jpg http://irep.iium.edu.my/31225/8/Picture_001.jpg http://irep.iium.edu.my/31225/9/Picture_003.jpg |