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An Evaluation of Takaful Insurance: Case of Pakistan

Hanif, Muhammad, Iqbal, Abdullah (2014) An Evaluation of Takaful Insurance: Case of Pakistan. Journal of Islamic Economics, Banking and Finance, 13 (1). ISSN 2070-4658. E-ISSN 2070-4666. (doi:10.2139/ssrn.2386497)

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http://dx.doi.org/10.2139/ssrn.2386497

Abstract

Islamic finance being a relatively new business segment, however, have shown promising results so far. In addition to banking services, Islamic finance has started penetrating in other sectors including capital markets and insurance. This study aims to evaluate the newly emerging Takaful sector in Pakistani market. The study covers an overview of insurance sector including Takaful; comparative financial analysis of Takaful industry with conventional insurance; an insight into the accounting and legal framework for Takaful; a customer survey to document the perception about Takaful business; and an insight and documentation of challenges to Takaful operations. Findings suggest Takaful business has low market share, although growing at a faster pace. The past financial performance appears to be poor, though with singnificant potential depicted by healthy growth. A reasonably good regulatory framework is also in place. Overall, market sentiments are very positive about Takaful insurance in Pakistan.

Item Type: Article
DOI/Identification number: 10.2139/ssrn.2386497
Uncontrolled keywords: Takaful, Pakistan, market perception, regulatory framework, financial analysis, insruance
Subjects: H Social Sciences > HG Finance
Divisions: Faculties > Social Sciences > Kent Business School > Accounting and Finance
Depositing User: Abdullah Iqbal
Date Deposited: 21 Aug 2017 12:57 UTC
Last Modified: 19 Jul 2019 16:02 UTC
Resource URI: https://kar.kent.ac.uk/id/eprint/62898 (The current URI for this page, for reference purposes)
Hanif, Muhammad: https://orcid.org/0000-0002-0417-4628
Iqbal, Abdullah: https://orcid.org/0000-0002-3013-1007
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