Is takaful industry fulfilling maqasidal-sharī’ah? the proposition of a new evaluation model using analytic hierarchy process

Islam, Rafikul and Md. Tarique, Kazi and Razali, Siti Salwani (2024) Is takaful industry fulfilling maqasidal-sharī’ah? the proposition of a new evaluation model using analytic hierarchy process. Journal of Islamic Accounting and Business Research. pp. 1-22. ISSN 1759-0817 E-ISSN 1759-0825

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Abstract

The Takaful (Islamic insurance) industry operates on the principles of Maqasid al-Sharī’ah, and of late, the industry has witnessed significant market growth. The purpose of this study is to develop a performance measurement model based on Maqasid al-Sharī’ah to evaluate the performance of Takaful firms. A mixed-method research approach was adopted to conduct the present study. Priorities were assigned to various dimensions of the Maqasid model using analytic hierarchy process and by taking inputs from 18 Takaful experts. On the contrary, six experts were involved in identifying the elements and measures for the operationalization of the Maqasid dimensions. The application of the performance evaluation model will provide information to the management of Takaful firms on where they stand in terms of fulfilling Maqasid al-Sharī’ah principles. If any firms are found to have a deficiency in a certain part of Maqasid components, then proper and adequate measures can be taken to ameliorate the situation. It is necessary to have a performance evaluation model based upon Maqasid al Sharī’ah to evaluate the performance of Takaful firms as these firms operate on the principles of Maqasid al Sharī’ah. Because there does not exist any such model, this study fills up this gap. Details of the measures that can be used to evaluate the performance of Takaful firms are also provided.

Item Type:	Article (Journal)
Uncontrolled Keywords:	Takafulcompanies, Performance measurement, Maqasidal-Sharī’ah, Analytic hierarchy process
Subjects:	BPH Islamic Economics > BPH114.3 Halal industry science BPH Islamic Economics > BPH72 Economic development. Growth. Sustainable development. Sustainability BPL Islamic education > BPL27 Aims and objectives of education. Sustainable education
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Kulliyyah of Economics and Management Sciences Kulliyyah of Economics and Management Sciences > Department of Business Administration
Depositing User:	Dr Siti Salwani Razali
Date Deposited:	05 Sep 2024 12:10
Last Modified:	05 Sep 2024 14:08
URI:	http://irep.iium.edu.my/id/eprint/114274

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