Devising the right Islamic product for the market January 26, 2008
Posted by Suheri in Takaful.Tags: Shariah Product Development, Shariah system, Takaful
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This Article was published in MiddleEast Insurance Review July 2007 Issue. This magazine is circulated mainly in Middle East and Asia Countries.
Takaful products more commonly referred to as Sharia products can grow in any kind of economic system, be they socialism or capitalism. It is not an opposed to these concepts and can survive equally in either of these systems. The Shariah system is based on religious laws created by God (Allah) and passed down to the Prophet in managing relationship between human beings and God and among human beings. In the non-Shariah system, some adjustments and changes have to be made to bring them in compliance with the Shariah system. This is largely through eliminating any concepts opposing with Shariah law. In the Shariah system, the most compelling concepts are helping each other, fairness in dealing with people, removing gambling and prohibiting interest (riba)….. To read more, click this link Devising
Multi-prong approach to raise consumer awareness of takaful January 26, 2008
Posted by Suheri in Takaful.Tags: shariah insurance, takaful awareness
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This Article was published in MiddleEast Insurance Review November 2006 Issue. This magazine is circulated mainly in Middle East and Asia Countries.
The growth of Shariah insurance in Indonesia in the last few years has been very significant. Starting with only a few insurers in the 1990s, the country now has 30 Islamic insurance entities, including 16 general takaful operators, 11 life takaful players and three retakaful operators. Among them, three are full takaful companies comprising one general takaful and two life players. The others operate as a window or a unit in a conventional insurer. The fast growth in the takaful sector at the moment, though, is still not matched by the level of customer awareness about Shariah insurance itself. In one survey involving 954 respondents (57.44 % of whom have insurance while 42.56 % do not buy insurance), 99.64 % of the customers, who purchase insurance, claim that they do not understand Islamic insurance…. To read more click this link Awareness
Little contest between Shariah insurance and conventional insurance January 26, 2008
Posted by Suheri in Takaful.Tags: shariah vs conventional takaful
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This Article was published in MiddleEast Insurance Review September 2006 Issue. This magazine is circulated mainly in Middle East and Asia Countries.
Islamic economic growth is a new trend in the world. The expansion has been so fast, coinciding with a crisis in the last decade in the conventional economy. There was chaos because of the growth and fluctuations in the money market.
Currency rate and bank interest rate fluctuations created difficulties for companies and banks with committed rates. Banks find it hard to meet returns commitments because they faced negative spreads at times. For companies which borrowed from banks, floating interest rates make it difficult to make repayments, particularly when interest rates shot up suddenly. This uncertain situation has become the weakness of the conventional economic system….. To read more click this Little Contest
