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Title of Thesis  
SCHEME DIFFERENTIATION FOR A COMPREHENSIVE AND EQUITABLE TAKAFUL BUSINESS  
Author(s)  
SANEP AHMAD  
Institute/University/Department Details  
International Islamic University, Islamabad/Islamic Economics  
Status (Published/ Not Published/ In Press etc)  
Published  
Date of Publishing  
1995  
Subject  
Economics  
Number of Pages  
193  
   
Keywords (Extracted from title, table of contents and abstract of thesis)  
Takaful Business, Riba, Gambling, Premium rate, Islam, Islamic perspective, Income factor, Risk factor, Insurance, Economic effects, Social security,  

 

 
Abstract  

The prevalent form of Takaful Business in Malaysia is Islamically acceptable since it does not involve prohibited elements such as riba, gambling, uncertainly "no exploitation. However, in its pricing strategy, Takaful Company like conventional insurance companies only considers risk factor which normally refers to the probability of loss or the probability of death. Consequently, the premium rate does not reflect the required values of equity and benevolence from Islamic perspective. Here, the poor and the rich are equally charged while the poor is supposed to bear less burden than the rich. Fairness in this case should be looked within the context of overall ethos of Islamic teachings and should be based on its commitment to human brotherhood. Therefore, a model of Takaful Business which could reflect the required noble values of equity and benevolence from Islamic perspective is needed. In this connection, a Takaful model which directly incorporates income factor along with risk factor is proposed, from which a new premium rate is then suggested. The model shows that the above question could be resolved such that the proposed premium rate reflects the required values of equity, benevolence and brotherhood in Islam. Empirical study further proved that the proposed Takaful model and premium rate are not merely theoretical but also practical and financially feasible.

 
   
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Sr.No Chapter Table of Contents
 
i 180.kbs
108.KB
1 1

INTRODUCTION

1
53.KB
2 2 REVIEW OF THE CONTEMPORARY INSURANCE AND TAKAFUL BUSINESS 6
579.KB
3 3 THE MODEL OF TAKAFUL INCORPORATING INCOME GROUPS 67
624.KB
4 4 EMPIRICAL RESULT 146
277.KB
5 5 SUMMARY AND CONCLUSION 184
36.KB
6 6 BIBLIOGRAPHY 188
53.KB