Takaful has now moved from the initial phase of being just a religious offering to become a more viable, if not attractive alternative, to conventional insurance. While the takaful industry has enjoyed rapid double-digit growth on the global scale, there continues to be a need to reform and improve fakaful regulations, business modes, its corporate governance, financial management and retakaful operations. Going into the future, these ongoing changes may well help to prevent future systemic failures, maintain takaful’s competitive edge and uniqueness, as well as enhance the industry’s growth potential.
This book, “Takaful: Realities and Challenges”, discusses risk, risk management and the operational aspects of the two broad classes of takaful products namely, general and family takaful. In this book, the authors have also explained, the various functions involved in typical takaful operations including the process of underwriting, claims, marketing, investment and retakaful while at the same time, bringing in the Shari’ah elements in all of these functions. The authors believe that while takaful and conventional insurance possess many similarities, their contracts are somewhat different..
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