Islamic insurance in the global economy

Galal, Fatima A. and Kabbashi, Nassereldeen Ahmed (2017) Islamic insurance in the global economy. International Journal of Business and Management Invention, 6 (6). pp. 8-10. ISSN 2319-801X E-ISSN 2319-8028

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Abstract

Islamic insurance industry is experiencing a period of rapid growth in terms of its net contributions and profit, however, at the same time, the development of this industry is still faced with tough obstacles and constraints due to the Shar'iah issues in some certain aspects. Islamic insurance operations need to be fine-tuned to meet the Islamic direction and the needs of Muslims. There are many different operational models with various Islamic jurisdictions trying to meet the needs of Muslims in general as regard Islamic insurance in the global Islamic economy. The two challenging issues that are studied are the ownership of the Islamic insurance risk fund and the surplus distribution accumulated from the risk fund. The findings reviewed that insurance principles contribute substantially to Islamic insurance operation (β = 0.405) justification in terms of Islamic features and operator fees (β =0.925) and (β =0.255) respectively.

Item Type:	Article (Journal)
Additional Information:	4286/57681
Uncontrolled Keywords:	Islamic insurance, global economy, ownership, surplus distributation
Subjects:	H Social Sciences > HJ Public Finance
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Kulliyyah of Engineering > Department of Biotechnology Engineering
Depositing User:	Dr Nassereldeen Kabbashi
Date Deposited:	21 Jul 2017 16:27
Last Modified:	12 Jan 2018 14:54
URI:	http://irep.iium.edu.my/id/eprint/57681

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