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Takaful Islamic Insurance: Concepts and Regulatory Issues

Book Description

Authors Rifaat, Archer and Volker bring an international perspective to the growing Islamic Insurance industry. Drawing on contributions from leading experts around the world, they present a comprehensive view of the very issues governing the industry and its future direction. As top financial institutes around the world seem to enter the lucrative Takaful markets, this timely book offers crucial background information and advice, invaluable for any serious player in the market.

Table of Contents

  1. Cover
  2. Dedication
  3. About the Editors
  4. About the Contributors
  5. Foreword
  6. Acknowledgment
  7. Chapter 1: Conceptual, Legal, and Institutional Issues Confronting Takaful
    1. 1.1 Introduction
    2. 1.2 Developments in International Prudential Guidelines for Insurance and Takaful
    3. 1.3 Contents of this Book
  8. Part 1
    1. Chapter 2: Business Models in Takaful and Regulatory Implications
      1. 2.1 Introduction
      2. 2.2 Business Models
      3. 2.3 Business Structures and Regulatory Implications
      4. 2.4 Regulatory Perspectives
    2. Chapter 3: Shari'ah Principles Governing Takaful Models
      1. 3.1 Introduction
      2. 3.2 Takaful: Nomenclature and Conceptual Meaning
      3. 3.3 Shari'ah Principles Governing Takaful Contracts
      4. 3.4 Takaful Management Models
    3. Chapter 4: Corporate Governance and Stakeholder Rights in Islamic Insurance
      1. 4.1 Introduction
      2. 4.2 The Neo-Classical and Neo-Corporatist Models of Corporate Governance
      3. 4.3 Corporate Governance Issues in the Insurance Industry
      4. 4.4 Corporate Governance Issues in Takaful
      5. 4.5 Concluding Remarks
    4. Chapter 5: Legal Issues in Takaful
      1. 5.1 Introduction
      2. 5.2 Takaful Models and their Impacts
      3. 5.3 The Legal Issues
      4. 5.4 The Call for an Effective Framework
      5. 5.5 Concluding Remarks
    5. Chapter 6: Business Conduct in Islamic Insurance with Special Reference to Emerging Markets
      1. 6.1 Background
      2. 6.2 Business Environment in Emerging Markets
      3. 6.3 Framework of Business Conduct and Best Practices
      4. 6.4 Critical Drivers for Developing Market Infrastructure
      5. 6.5 Conclusion
    6. Chapter 7: Supervisory Issues in Takaful: An Overview
      1. 7.1 Introduction
      2. 7.2 Governance Issues
      3. 7.3 Financial Issues
      4. 7.4 Market Conduct Issues
      5. 7.5 Market Issues
      6. 7.6 Supervisory Priorities
  9. Part 2
    1. Chapter 8: Reinsurance and Retakaful
      1. 8.1 Introduction
      2. 8.2 What is Reinsurance?
      3. 8.3 Functions of Reinsurance
      4. 8.4 Types of Reinsurance
      5. 8.5 Proportional Reinsurance
      6. 8.6 Non-Proportional Reinsurance
      7. 8.7 Reinsurance Market
      8. 8.8 Concept of Takaful
      9. 8.9 Need for Retakaful
      10. 8.10 Retakaful Models
      11. 8.11 Main Issues Raised by Retakaful
      12. 8.12 Conclusion
    2. Chapter 9: Risk Management in Takaful
      1. 9.1 Introduction
      2. 9.2 Comparison Between Conventional Insurance And Takaful
      3. 9.3 Fundamental Principles of Takaful from a Risk Management Perspective
      4. 9.4 Risk Issues in Takaful Undertakings
      5. 9.5 Management of Risks in a Takaful Undertaking
      6. 9.6 Concluding Remarks
    3. Chapter 10: Solvency and Capital Adequacy in Takaful
      1. 10.1 Introduction
      2. 10.2 The Need for Solvency
      3. 10.3 The Principle of Solvency
      4. 10.4 Traditional Approaches to Insurance Solvency
      5. 10.5 Risk-Based Capital
      6. 10.6 Summary
    4. Chapter 11: Investment Portfolios of Takaful Undertakings
      1. 11.1 Total Investment Portfolio of Takaful Undertakings for All Funds
      2. 11.2 Shareholders' Funds
      3. 11.3 Analysis of Shareholders' Funds between the GCC Countries and Malaysia
      4. 11.4 General Fund
      5. 11.5 Analysis of General Fund between GCC and Malaysia
      6. 11.6 Family Fund
      7. 11.7 Influence of Related Parties on the Investment Portfolios of Participants' Funds
      8. 11.8 Summary and Conclusions
    5. Chapter 12: Issues in Rating Takaful Companies
      1. 12.1 Introduction
      2. 12.2 What is a Credit Rating?
      3. 12.3 Types of Credit Rating
      4. 12.4 Credit Rating Basics
      5. 12.5 Key Issues for Rating Takaful Firms
      6. 12.6 Conclusion
    6. Chapter 13: Transparency and Financial Reporting in Islamic Insurance
      1. 13.1 Introduction
      2. 13.2 Stakeholders Need Transparency in Financial Reporting by Islamic Insurance Companies
      3. 13.3 Existing Islamic Insurance Financial Reporting Framework Should be Improved to Achieve Greater Transparency
      4. 13.4 Conclusion
  10. Part 3
    1. Chapter 14: Concluding Remarks
      1. 14.1 Introduction
      2. 14.2 The Structure of Takaful Undertakings and Resultant Unresolved Issues
      3. 14.3 Corporate Governance and Related Matters
      4. 14.4 The Need for, and Scope of, a Comprehensive Regulatory Framework for Takaful
      5. 14.5 The Work of the IFSB in Developing International Prudential Guidelines for Takaful Undertakings
      6. 14.6 Some thoughts for the Future
  11. Bibliography
  12. Index