Viability of Islamic insurance (takaful) in India: SWOT analysis approach

Takaful (Islamic insurance) has been widely accepted as an alternative to conventional insurance and offered in many Muslim and non-Muslim countries. The unique feature of Takaful is that is suitable and acceptable for anyone regardless of the religion to our surprise, Takaful has not been introduce...

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Main Authors:	Htay, Sheila Nu Nu, Salman, Syed Ahmed
Format:	Conference or Workshop Item
Language:	English English
Published:	2013
Subjects:	HG1501 Banking
Online Access:	http://irep.iium.edu.my/32891/ http://irep.iium.edu.my/32891/1/TAKAFUL__SWOT__CONFERENCE-2_Aug.pdf http://irep.iium.edu.my/32891/2/SWOT.pdf

id	iium-32891
recordtype	eprints
spelling	iium-328912013-11-25T04:16:50Z http://irep.iium.edu.my/32891/ Viability of Islamic insurance (takaful) in India: SWOT analysis approach Htay, Sheila Nu Nu Salman, Syed Ahmed HG1501 Banking Takaful (Islamic insurance) has been widely accepted as an alternative to conventional insurance and offered in many Muslim and non-Muslim countries. The unique feature of Takaful is that is suitable and acceptable for anyone regardless of the religion to our surprise, Takaful has not been introduced in India. India has the third largest Muslim population after Indonesia and Pakistan and second largest population after China. In terms of economic development, India’s GDP growth rate is 6.3% and it is expected that in coming years and it is believed that India will be one of the leading countries for the world economy. Thus, the objective is to examine the viability of Takaful in India by using SWOT analysis approach. Questionnaire has been distributed to both Muslim and non-Muslims to find out the awareness, acceptability, prospects and challenges of Takaful products. Interviews have been conducted to examine the opinions of ten insurance operators, fifteen Shari’ah advisors and five consultants regarding the prospects and challenges of introducing Takaful in India. The findings from 333 respondents show that awareness of Takaful is still at the minimum level. However, they are willing to participate if Takaful is offered in India. In addition, the findings of the interviews highlight that the Takaful has a good potential in India. However, it can be offered if the government supports it. Due to time limitation, the opinion of the regulators has not been examined and thus, future research should focus on it. 2013-10 Conference or Workshop Item PeerReviewed application/pdf en http://irep.iium.edu.my/32891/1/TAKAFUL__SWOT__CONFERENCE-2_Aug.pdf application/pdf en http://irep.iium.edu.my/32891/2/SWOT.pdf Htay, Sheila Nu Nu and Salman, Syed Ahmed (2013) Viability of Islamic insurance (takaful) in India: SWOT analysis approach. In: 1st Insurance and Takaful International Symposium 201, 7-8 Oct 2013, Puri Pujangga, Universiti Kebangsaan Malaysia.
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	HG1501 Banking
spellingShingle	HG1501 Banking Htay, Sheila Nu Nu Salman, Syed Ahmed Viability of Islamic insurance (takaful) in India: SWOT analysis approach
description	Takaful (Islamic insurance) has been widely accepted as an alternative to conventional insurance and offered in many Muslim and non-Muslim countries. The unique feature of Takaful is that is suitable and acceptable for anyone regardless of the religion to our surprise, Takaful has not been introduced in India. India has the third largest Muslim population after Indonesia and Pakistan and second largest population after China. In terms of economic development, India’s GDP growth rate is 6.3% and it is expected that in coming years and it is believed that India will be one of the leading countries for the world economy. Thus, the objective is to examine the viability of Takaful in India by using SWOT analysis approach. Questionnaire has been distributed to both Muslim and non-Muslims to find out the awareness, acceptability, prospects and challenges of Takaful products. Interviews have been conducted to examine the opinions of ten insurance operators, fifteen Shari’ah advisors and five consultants regarding the prospects and challenges of introducing Takaful in India. The findings from 333 respondents show that awareness of Takaful is still at the minimum level. However, they are willing to participate if Takaful is offered in India. In addition, the findings of the interviews highlight that the Takaful has a good potential in India. However, it can be offered if the government supports it. Due to time limitation, the opinion of the regulators has not been examined and thus, future research should focus on it.
format	Conference or Workshop Item
author	Htay, Sheila Nu Nu Salman, Syed Ahmed
author_facet	Htay, Sheila Nu Nu Salman, Syed Ahmed
author_sort	Htay, Sheila Nu Nu
title	Viability of Islamic insurance (takaful) in India: SWOT analysis approach
title_short	Viability of Islamic insurance (takaful) in India: SWOT analysis approach
title_full	Viability of Islamic insurance (takaful) in India: SWOT analysis approach
title_fullStr	Viability of Islamic insurance (takaful) in India: SWOT analysis approach
title_full_unstemmed	Viability of Islamic insurance (takaful) in India: SWOT analysis approach
title_sort	viability of islamic insurance (takaful) in india: swot analysis approach
publishDate	2013
url	http://irep.iium.edu.my/32891/ http://irep.iium.edu.my/32891/1/TAKAFUL__SWOT__CONFERENCE-2_Aug.pdf http://irep.iium.edu.my/32891/2/SWOT.pdf
first_indexed	2023-09-18T20:47:30Z
last_indexed	2023-09-18T20:47:30Z
_version_	1777409773199687680

Viability of Islamic insurance (takaful) in India: SWOT analysis approach

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