Family takaful in Bangladesh and its obstacles

Khan, I. and Rahman, N.N.A. and Nor, M.R.M. (2016) Family takaful in Bangladesh and its obstacles. In: The 1st International Conference on Islam and Contemporary Issues in The Muslim World: Challenges and Way Forward, 5-6 December 2016, Academy of Islamic Studies, University of Malaya, Kuala Lumpur.

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Abstract

Even though Bangladesh is globally known for her huge Muslim population, the concept of family Takaful was introduced in the country only few years back with aims, inter alia, to foster Islamic economy in the country. This study aims to explore the obstacles that hinder the success of family Takaful in Bangladesh. Semi-structural interview method was used to collect qualitative data from three different categories of stakeholders i.e. officers, Shariah board members and participants. The study revealed that the government introduced policy and regulations are the main cause due to achieve the optimum success. Business oriented policy of the Takaful companies and mismanagement in running the business have contributed to make the situation worse. Almost inactive and insufficient skill of Shariah board also play negative role. Due to enormous prospect, the research has suggested some strategies to overcome the obstacles for more successful family Takaful business in Bangladesh. It is anticipated that the findings and suggestions derived from this study will assist the policymakers in improving the situation. Researchers and policymakers from other countries can utilise these for comparative analysis triggering to global success of family Takaful.

Item Type: Conference or Workshop Item (Paper)
Funders: UNSPECIFIED
Additional Information: Conference paper
Uncontrolled Keywords: Family takaful; Problems; Government; Company; Shariah board
Subjects: B Philosophy. Psychology. Religion > BP Islam. Bahaism. Theosophy, etc
Divisions: Academy of Islamic Studies
Depositing User: Mr. Mohd Safri
Date Deposited: 12 Sep 2017 09:01
Last Modified: 12 Sep 2017 09:01
URI: http://eprints.um.edu.my/id/eprint/17794

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