Awareness and knowledge of insurance and Takaful in India: A survey on Indian insurance policy holders
India is a country with the second highest Muslim population after Indonesia and the second largest populated country in the world after China. Since 1818 during the colonization period, insurance was introduced in India. Nowadays, the Indian insurance industry is growing fast. Despite being the...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English English |
| Published: |
Man In India
2017
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/62744/ http://irep.iium.edu.my/62744/ http://irep.iium.edu.my/62744/1/62744_Awareness%20and%20knowledge%20of%20insurance%20and%20Takaful_complete.pdf http://irep.iium.edu.my/62744/2/62744_Awareness%20and%20knowledge%20of%20insurance%20and%20Takaful_scopus.pdf |
| Summary: | India is a country with the second highest Muslim population after Indonesia and the
second largest populated country in the world after China. Since 1818 during the colonization
period, insurance was introduced in India. Nowadays, the Indian insurance industry is growing
fast. Despite being the second largest Muslim populated country, there is no Takaful (Islamic
insurance) products offered in India. Thus, this paper aims to examine the insurance policy
holders’ awareness and knowledge of insurance and Takaful in India. The findings show that
the non-Muslim insurance policy holders are not aware that insurance practice involves interest,
uncertainty and gambling. Similarly, the majority of non-Muslims do not think that insurance
practice should be prohibited based on their religious teachings. Interestingly, the majority of
respondents have not heard about Takaful. On the contrary, the majority of Muslim know that
insurance practices have interest, uncertainty and gambling, and at the same time they think that
conventional insurance should be prohibited based on religious teachings. The majority of both
Muslims and non-Muslim respondents believe that ethics is important in the insurance practice.
It can be concluded that awareness and knowledge of Takaful in India is very low. It might be
the main reason why Takaful has not been introduced in India yet |
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