Implementing Takaful in India : prospects, challenges, and solutions / Syed Ahmed Salman.

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Implementing Takaful in India : prospects, challenges, and solutions / Syed Ahmed Salman.

9789811662812 (electronic bk.)
9811662819 (electronic bk.)
9789811662805
9811662800

Singapore : Springer, [2021]

©2021

English

1 online resource : illustrations (chiefly color)

10.1007/978-981-16-6281-2 doi

HG8703 .S35 2021

368/.954

This book encourages insurance companies and regulators to explore offering Islamic insurance to boost the insurance industry in India. The distinctive features of Takaful also make it appealing even to non-Muslims. According to the 2012 World Takaful Report, India has immense potential for Takaful is based on the size of its Muslim population and the growth of its economy. However, it is surprising that Takaful has yet to be introduced in India since it has been offered in non-majority Muslim countries, such as Singapore, Thailand, and Sri Lanka. When the concept and practice of Takaful are examined, it is free from interest, uncertainty, and gambling. These are the main elements prohibited in Islam. However, it has been evidenced that these elements are also banned in teaching other religions believed by the Indians. Given this landscape, this book fills the gap in research on the viability of Takaful in India, focusing on its empirical aspects by examining the perception of Indian insurance operators toward Takaful.

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