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1
Bastani, Peivand, Ali Tahernezhad, and Seyyed Mostafa Hakimzadeh. "Forty years review of upstream documents of the Islamic Republic of Iran's health sector on strategic purchasing of advanced-expensive medical equipment." International Journal of Health Governance 25, no. 2 (May 6, 2020): 93–105. http://dx.doi.org/10.1108/ijhg-12-2019-0077.
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PurposeAccording to the importance of strategic purchasing as an effective tool for resource allocation and service procurement, this study examines national laws, regulations and other related documents related to the strategic purchasing of health services related to the advanced medical equipment in Iran.Design/methodolgy/approachIt was a national qualitative document analysis conducted in 2019 applying content analysis approach. The four-step Scott method was used to include the documents in terms of authenticity, credibility, representation and meaningfulness. After retrieving the related documents, they were coded with the implicit and explicit approach. MAXQDA10 was used for content analysis.FindingsThe findings show that according to the framework of effective factors on the strategic purchasing of health services, seven main factors are determined as the main essential factors in purchasing advanced medical equipment. These factors consist of health care providers, health service buyers, purchaser and service provider contracts, payment mechanisms, organization and management evaluation of health technology including expensive medical equipment and technology-related.Research limitation/implicationThe study had some limitations as follows: the proposed method should be tested and its feasibility has to be investigated through appropriate tools for Iranian insurance companies and those with the similar settings.Practical implicationThe results of this study can shed more light for policy makers affiliated in Ministry of Health as the main service provider, Ministry of Welfare and the insurance agencies as the main purchasers of health services on paying attention to these seven main themes extracted from the upstream documents and laws and regulations of the Islamic Republic of Iran.Social implicationThe strategic purchasing of expensive high technology-based medical equipment is a necessity for Iranian public health insurance organizations that is emphasized in national documents in the way of implementing this necessity.Originality/valueThis study examines all the laws and regulations and all related documents in the strategic purchasing of health services related to advanced medical equipment, giving an analysis of the most important challenges and requirements of implementing strategic purchasing in the health services provision sector with expensive medical equipment.
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Suyatna, Nano. "The Effect of Stimulus Policies and Risk-Based Capital Levels on Solvency at PT. Indonesian Takaful using Sharia Principles during the Majeur Force Period (Covid-19 Pandemic) in Indonesia." International Journal of Business, Economics, and Social Development 2, no. 1 (February 4, 2021): 24–31. http://dx.doi.org/10.46336/ijbesd.v2i1.114.
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The Covid -19 pandemic is a massive disaster, impacting various sectors of the economy including the Islamic principle insurance sector. The government through the Financial Services Authority (OJK) in dealing with these problems has issued a stimulus policy so that the Islamic principle insurance sector is still able to maintain the level of solvency and risk based capital is maintained. The purpose of this study is to determine the influence of the Stimulus Policy and the level of Risk Based Capital on the level of solvency of sharia-based insurance companies during the Covid-19 Pandemic. The method used is descriptive method with a simple statistical approach. The results show: 1. There is a positive influence of the Stimulus Policy on the Solvency Level of the Islamic principle insurance company sector, 2. There is a positive influence on the Level of Risk Based Capital on the Solvency Level of the Islamic Principle Insurance Company sector, 3. There is an influence of the Stimulus Policy and Level of Risk Based Capital on Simultaneous level of solvency in Islamic principle insurance companies. From the research results, it can be concluded that the Stimulus Policy and Risk Based Capital Level that has been set by the regulator is right on target.
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Haroon, Maha, and Danish Ahmed Siddiqui. "Determinants of Allocative, Cost and Scope Efficiencies: A Comparative Analysis of Banks and Insurance Companies in Pakistan." Business Management and Strategy 10, no. 2 (November 25, 2019): 285. http://dx.doi.org/10.5296/bms.v10i2.15903.
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The purpose of this research paper is to empirically investigates determinants of allocative, cost and scope efficiencies as well as impact of financial crisis and stock market performance on efficiencies. Pakistan’s banks and insurance companies’ sector were taken for the purpose of comparative analysis. For this objective both Islamic/takaful and conventional sectors were occupied. Twelve years data (2007-2018) of PSX’s banking and insurance sector was taken. Two stage non-parametric efficiency analysis was done, in the first stage, estimation for efficiency scores we used DEA for both sectors. In second phase, efficiency scores are regressed on the selected determinants by Tobit Regression. For measuring stock market performance CASR is calculated. Inadequate efficiency in insurance sector is evidenced against banking sector. Efficiency of takaful firms as new entrants of the market was not good comparatively to conventional insurance firms. Islamic and conventional banks are operated at almost same efficiency level. Performance of stock market has inverse and both (significant and insignificant) relationship with efficiency, means different events and fundamentals don’t affect the performance of sectors that is why efficiencies are not hit by this way. As well as determinants have different relationship with allocative, cost and scope efficiencies scores.
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Olorogun, Lukman Ayinde. "Translating the Takaful Islamic Insurance: An Analytical Approach." JOURNAL OF SOCIAL SCIENCE RESEARCH 3, no. 3 (April 30, 2014): 395–401. http://dx.doi.org/10.24297/jssr.v3i3.3267.
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In the last decades, Muslim societies have experienced multiple processes of modernization, as an example, in the area of finance. This marked among other things, the rise of Islamic finance particularly Islamic insurance (takaful). As a consequence, the number of Muslim literates in finance has increased tremendously as well as the number of texts, concerning Islamic legal rulings on Islamic financial transactions which involve Islamic insurance engaged in these finances. At the same time, the Islamic insurance has been channeled to compete or totally eradicate conventional insurance in the new Muslim financial markets or at least in the Islamic countries, and these has triggered disputes among the scholars as to the viability and originality of the Islamic insurance. The disputes over the originality and viability of Islamic insurance to replace conventional insurance might contribute to the emergence, in the Muslim countries, of a tradition of scholarly debates that would stress re-evaluation and innovation of the existing body of knowledge.
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Zainul Anwar, Aan, Edi Susilo, Fatchur Rohman, Purbayu Budi Santosa, and Edy Yusuf Agung Gunanto. "Integrated financing model in Islamic microfinance institutions for agriculture and fisheries sector." Investment Management and Financial Innovations 16, no. 4 (December 20, 2019): 303–14. http://dx.doi.org/10.21511/imfi.16(4).2019.26.
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The uniqueness of micro, small and medium enterprises (MSMEs) in the agriculture and fisheries sector has led to thoughts of innovation in the microfinance institutions (MFIs) that serve it. Service innovations in the agriculture and fisheries sector have been carried out in various countries to facilitate the development of this sector. This study aims to analyze the financing model of Islamic microfinance institutions (Islamic MFIs) based on the characteristics of the agriculture and fisheries sectors and the reconstruction of Salam contracts of Islamic financial institutions for farmers and fishermen. The research method used is qualitative descriptive analysis. The data were obtained through in-depth interviews with the agriculture and fisheries businesses in Central Java, Indonesia. The result showed that Salam contract constructed according to the characteristics of the fishing community to alleviate it from the shackles of moneylenders and wholesalers, including Islamic MFIs, farmers, and fishers as members of Islamic MFIs, buyers, Islamic banks and Islamic insurance. The output of this research is that farmers and fishermen can form a community to help one another with financial needs and are managed by Islamic MFIs that work in synergy with fisheries and agriculture companies, as well as an integrated Salam contract application system for Islamic MFIs.
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Muhamat, Amirul Afif, Mohamad Nizam Jaafar, and Sharifah Faigah Syed Alwi. "General Takaful claims: An experience of Takaful operator in Malaysia." Journal of Emerging Economies and Islamic Research 5, no. 4 (December 31, 2017): 18. http://dx.doi.org/10.24191/jeeir.v5i4.8833.
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Takaful is interchangeably referred as Islamic insurance. In Malaysia, the takaful sector is part of the main components for Islamic finance industry. The business can be divided into two: general and family takaful. To ease understanding on this niche sector; general takaful is comparable to general insurance while family takaful is akin to life insurance with special reference needs to be given on the requirement of the business to adhere to the Islamic precepts. The main business in general takaful is motor takaful and this line of business is faced with high takaful claims. This study appraised the factors which affect the general takaful claims based on the experience of one takaful operator in Malaysia (the name of takaful operator is not disclosed due to confidentiality). The factors are: number of claims; fraud; and coverage for protection. The limitation of this study is that the observation period is only 10 years which limits rigorous analysis to be done. Nevertheless, previous studies in this area depict the same limitation – constraint in gathering data that has long observation period. On the bright side, the data in this study is still capable to produce meaningful results to be referred with regards to this issue – general takaful claims.
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Suzuki, Yasushi, and S. M. Sohrab Uddin. "Recent trends in Islamic banks’ lending modes in Bangladesh: an evaluation." Journal of Islamic Accounting and Business Research 7, no. 1 (February 8, 2016): 28–41. http://dx.doi.org/10.1108/jiabr-07-2013-0026.
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Purpose – This paper aims to assess recent trends in lending modes and to address the reasons for and consequences of changes in Bangladesh’s Islamic banking sector. Design/methodology/approach – Theoretical discourse is used to generate an underpinning for the issues covered by the study. In addition, empirical evidence from the banking sector, including the information derived from interviews with the staff of three Islamic banks, is presented to achieve the research objectives. Findings – The findings clearly demonstrate that the Islamic banking sector has experienced a paradigm shift from participatory financing to asset-based financing. In particular, the murabaha mode of financing dominates the current lending structure, which follows the general trend of the global Islamic banking sector. Research limitations/implications – It is necessary to concentrate on the potential negative outcomes of the trade-based murabaha mode of financing in a developing country such as Bangladesh, as banks have less incentive under protective rent (profit) opportunities to train the experts to screen and monitor projects in other socially desirable sectors such as agriculture and manufacturing including the small and medium enterprises. Originality/value – Despite substantial growth of the Islamic banking sector, less research has been conducted to shed analytical light on the operations of Islamic banks from the perspective of loan disbursement to identify the disparities, if any, in between theory and practice in countries where both Islamic and conventional banks operate simultaneously. Using country-specific evidence, this study contributes to the debate by highlighting the paradigm shift of Islamic banks from participatory financing to the dominance of asset-based murabaha and other modes of lending, by identifying the fundamental causes that contribute to such a shift and by highlighting the consequences of such changes.
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Chandra Das, Bijoy, and Soma Rani Sutradhar. "The Evaluation of the Performance of Eastland Insurance Company Limited a Study of Bangladesh." Journal Of International Business Research And Marketing 1, no. 2 (2015): 29–43. http://dx.doi.org/10.18775/jibrm.1849-8558.2015.12.3004.
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This research is conducted on Eastland Insurance Company Limited. It is accomplished on the “The Evaluation of the policies and performance of Eastland Insurance Company Limited”. This study also includes the information on the overview of Eastland Insurance Company Limited, theoretical analysis of insurance and legal framework of insurance industry Bangladesh on. This research is prepared primarily to have clear and real life ideas about the position of Eastland Insurance Company in insurance sector of Bangladesh. The research focuses on the major challenges of insurance industry in Bangladesh that obstruct smooth development of Bangladesh. This study conveys the message that if the insurance companies are operated very smoothly, the insurance sector will flourish very fast way.
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MOZGOVYI, Oleg, Oleksii SUBOCHEV, and Oksana YURKEVYCH. "ISLAMIC FINANCE DOCTRINE: THE NATURE AND EVOLUTION." Economy of Ukraine 2018, no. 1 (January 3, 2018): 71–81. http://dx.doi.org/10.15407/economyukr.2018.01.071.
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The article identifies basic models of Islamic finance industry and provides a critical assessment (compared to conventional finance) оf mechanism of their functioning. Despite having obvious positive aspects, such as limitation of speculative or risky securitization, focusing on financing the real sector of economy and encouraging the direct interrelationship between financial and productive sectors, in our view, the mechanism of Islamic economics in some ways is at variance with a number of fundamental principles of effective economic activity. Objective factors (demographic, political, economic) cause an increase of role and influence of the industry over regional financial markets and international finance and determine the relevance of further research in this area. Today, Islamic finance comprises such commercial areas as capital markets, asset management and insurance. They represent all segments of modern financial market – commercial banking, operations with equity and venture capital, trade financing, insurance and even financial hedging. Only a small share of Muslims’ financial relations is provided in accordance with Islamic law. Under conditions of introducing the convenient, liquid and standardized financial instruments and further improvement of regulation for financial markets, redistribution of resources in favor of Islamic financial markets, as well as rapid growth of their share in international finance are expected.
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Ali, Mohammad Mahbubi. "Takaful Models: Their Evolution and Future Direction." ICR Journal 7, no. 4 (October 15, 2016): 457–73. http://dx.doi.org/10.52282/icr.v7i4.229.
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Takaful (Islamic insurance), being an important emerging sector in the Islamic financial industry, has exhibited remarkable growth across the globe over the last few decades. This indicates an enormous demand for takaful products, from short-term general takaful to long-term family takaful. As a result, takaful has attracted sizable attention from both Muslim and non-Muslim countries. Nevertheless, the industry continues to experience a plethora of contentious issues in its operational models. The present study explores the evolution of takaful models and their future direction.
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Hemrit, Wael. "Determinants driving Takaful and cooperative insurance financial performance in Saudi Arabia." Journal of Accounting & Organizational Change 16, no. 1 (January 23, 2020): 123–43. http://dx.doi.org/10.1108/jaoc-03-2019-0039.
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Purpose This paper aims to examine the effect of insurance specific characteristics, corporate governance and risk reporting attributes, Shari’ah board and inflation rate on the financial performance of Takaful and cooperative insurance industries. Design/methodology/approach Based on a dynamic panel generalized method of moment’s system estimation, the author investigates determinants of financial performance as measured by the net premium written, earning ratio and profit margin. Findings Company size, insurance penetration, risk reporting and board size significantly explain the financial performance of both types of insurance companies. The effect of Shari’ah board and capital intensity on the financial performance of Takaful insurance is overall positive. The non-executive directors may negatively affect the financial performance. Additionally, positive relationship was also found between inflation rate and financial performance of cooperative insurance. Research limitations/implications The typical shortcomings of a content analysis-based research apply to the measurement of operational risk reporting variable. Some modifications need to be made if it were to be used for exploring the financial performance of other Islamic financial institutions. The structural model used in this paper can be used as a generic platform to develop a specific framework for other types of organizations. Practical implications Some suggestions may be functional for Islamic insurance regulatory authorities to intensify the transparency, and for insurers to channel an additional source of investment funding toward economic sectors. Originality/value The present study seeks to fill a demanding gap in the literature by providing new empirical evidence on the factors that influence the financial performance of the Islamic insurance sector. Moreover, the paper tries to distinguish and identify the determinants of the performance for Takaful and cooperative insurance companies operating in Saudi Arabia.
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Berkem, Zoheir. "Effective supervision of Islamic insurance according to Malaysian experience (1984-2012)." International Journal of Social Economics 41, no. 12 (November 25, 2014): 1220–42. http://dx.doi.org/10.1108/ijse-08-2013-0182.
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Purpose – The purpose of this paper is to know the method adopted by the Malaysian supervisor to regulate the Takaful sector, and to propose a new approach related to the effective supervision. Design/methodology/approach – The key approach in this paper is a case study over a clear period of time, to discover a wide variety of economical, financial, social, and cultural factors potentially related to Malaysian Takaful system. In addition, both explanatory and descriptive approaches are used, to seek explanations of problems, make careful observations, and give detailed recommendations. The study collected relevant quantitative and qualitative data. Findings – The key findings are: the basis of Takaful’s operation is established on the principles of Islamic Laws, Takaful operations are regulated by the Central Bank, this supervisory body has adopted elements of the two methods: regulation and supervision, the Malaysian Takaful industry has experienced rapid growth and transformation, and the proposed approach includes four key elements. Research limitations/implications – This study provides a road map for the next studies in this new topic. Practical implications – The paper guides the policy makers to giving more independence and allocating more resources to the supervisory body, for the development of an important component of the financial system. Originality/value – The essay is distinguished from the previous researches by limiting and identifying a clear period of the study. Further, the authors have listed the most important elements of the leading programs. Finally, the approach is more concerned with new aspects of the ongoing supervision, strategic axis and the supervision stages.
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Alshammari, Ahmad Alrazni, Syed Musa Syed Jaafar Alhabshi, and Buerhan Saiti. "A comparative study of the historical and current development of the GCC insurance and takaful industry." Journal of Islamic Marketing 9, no. 2 (June 11, 2018): 356–69. http://dx.doi.org/10.1108/jima-05-2016-0041.
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Purpose This paper aims to present a comparative examination of the historical and current profiles of the insurance and takaful industry in the Gulf region. Meanwhile, it will provide overview and insightful information of Gulf Cooperation Council (GCC) countries for insurance and takaful providers for their marketing strategy purpose. Design/methodology/approach This paper uses insurance and takaful sectors in Gulf region as an exploring area where the data are extracted from the regulators’ annual reports and other reports issued by research houses and market players, e.g. Islamic Financial Services Industry, Swiss Re and Milliman. Findings The comparative analysis reveals that insurance activities penetrated the Gulf region through foreign institutions. After independence and booming oil prices, local institutions established the industry in an unregulated environment. As the industry grew and matured, the sector gradually became regulated. This supported the growth of the industry, leading to the emergence of the biggest takaful market in the world, with 72 takaful operators. Almost half of the takaful operators operate in the Saudi market. Regarding business lines, general lines dominated because of compulsory motor insurance for all cars and health insurance for expatriates. Insurance penetration and insurance density recorded a low figure in GCC compared to the global market because of a lack of product development, especially in family line, which many people think the life insurance contradicts Islamic law. Furthermore, it is low due to the poor channel of distributions with depend heavily on insurance agents that fails to reach the customers. Research limitations/implications Interestingly, the takaful market share is considered very low, e.g. 9 per cent in Oman 9 and 9.2 per cent in UAE, where the majority of population is Muslim, indicating that takaful providers should focus in these countries to grab better market shares. Originality/value As takaful business is an emerging area in Islamic finance and many insurance players are interested in it, this paper provides an overview and marketing insights of insurance and takaful industries in the GCC region.
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MOZGOVYI, Oleg, Oleksii SUBOCHEV, and Oksana YURKEVYCH. "ISLAMIC FINANCE DOCTRINE: THE NATURE AND EVOLUTION (the end)." Economy of Ukraine 2018, no. 2 (February 2, 2018): 65–78. http://dx.doi.org/10.15407/economyukr.2018.02.065.
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The article identifies basic models of Islamic finance industry and provides a critical assessment (compared to conventional finance) оf mechanism of their functioning. Despite having obvious positive aspects, such as limitation of speculative or risky securitization, focusing on financing the real sector of economy and encouraging the direct interrelationship between financial and productive sectors, in our view, the mechanism of Islamic economics in some ways is at variance with a number of fundamental principles of effective economic activity. Objective factors (demographic, political, economic) cause an increase of role and influence of the industry over regional financial markets and international finance and determine the relevance of further research in this area. Today, Islamic finance comprises such commercial areas as capital markets, asset management and insurance. They represent all segments of modern financial market – commercial banking, operations with equity and venture capital, trade financing, insurance and even financial hedging. Only a small share of Muslims’ financial relations is provided in accordance with Islamic law. Under conditions of introducing the convenient, liquid and standardized financial instruments and further improvement of regulation for financial markets, redistribution of resources in favor of Islamic financial markets, as well as rapid growth of their share in international finance are expected.
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Choiriyah, Choiriyah. "Hukum Perbankan dan Perasuransian Indonesia Dalam Perspektif Hukum Islam." SALAM: Jurnal Sosial dan Budaya Syar-i 6, no. 3 (June 13, 2019): 265–80. http://dx.doi.org/10.15408/sjsbs.v6i3.11532.
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AbstractThe issue of regulation regarding Banking in Indonesia is everything related to legislation. Therefore, it can be concluded that Sharia Banking Law is anything related to legislation governing Islamic banking activities. Islamic Banking Law at the same time experienced very intensive and creative interactions with the Islamic religion. In the general sense of Islamic banking, Islamic banking or Islamic banking is carried out by applying Islamic law (sharia) into the banking sector or even other modern commercial activities. This study approached the literature study by reviewing the literature related to the problem.Keyword: Banking Law, Indonesian Insurance, Islamic LawAbstrakMasalah pengaturan tentang Perbankan di Indonesia merupakan segala sesuatu yang terkait dengan peraturan perundang-undangan. Karenanya, dapat disimpulkan bahwa Hukum Perbankan Syariah adalah segala sesuatu yang terkait dengan peraturan perundang-undangan yang mengatur kegiatan perbankan syariah. Hukum Perbankan Syariah pada saat yang bersamaan mengalami interaksi yang sangat intensif dan kreatif dengan agama Islam. Di dalam pengertian umum dari perbankan syariah melakukan kegiatan perbankan syariah atau Bank Islam dengan menerapkan hukum Islam (syariah) ke dalam sektor perbankan atau bahkan kegiatan komersial modern lainnya. Penelitian ini melakukan pendekatan studi pustaka dengan melakukan review terhadap literatur terkait permasalahan.Keyword: Hukum Perbankan, Perasuransian Indonesia, Hukum Islam
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Ahmad, Ammar Shihab. "The Role Of Insurance Companies in Financing Investment Comparative Study between Qatar Commercial Company and Qatar Islamic Insurance Company." Journal of University of Human Development 4, no. 3 (August 19, 2018): 8. http://dx.doi.org/10.21928/juhd.v4n3y2018.pp8-18.
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Insurance companies are one of the most important financial institutions in the financial sector, as they play a very important role of transferring the risk from the weak side of the (insured) who can be a natural person and Omnawi to the most able to bear the risk of the (insured) The insurance company, and hence when the insured contract with the insured receives compensation when the risk agreed by the insurance company in return for payment of insurance premiums for the company, and this role is important in the continuity of the insured in the exercise of their economic and social activities and non-stop as a result of receiving compensation at the time of danger , Which is not They are in their normal lives practicing if they have insurance for their requirements or the survival of their companies within the economic cycle if they have a lock on their companies, and the insurance companies Which will contribute to giving insurance companies an opportunity to invest the accumulated premiums directly through the establishment of companies by them, or investing the premium money indirectly through the provision of loans or purchase of securities from disability units Which provides the appropriate funding for the establishment of its companies, which leads to increase local production and provide new jobs for the members of the community in which it operates, and there are two types of insurance companies (commercial and Islamic) and both types serves the economy in which they work, but whichever is the best ? Hence, the goal of the research is to compare between them and to indicate which is better.
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Moh. Asra and Rizqiyah. "Studi Komparatif Asuransi Shari’ah dan Konvensional." Istidlal: Jurnal Ekonomi dan Hukum Islam 3, no. 2 (October 15, 2019): 103–17. http://dx.doi.org/10.35316/istidlal.v3i2.155.
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Insurance is an institution engaged in services and helping people. In Arabic, insurance is called "Al-ta’mȋn", means to provide protection. According to the National Sharia Board-Indonesian Ulama Council (DSN-MUI), shari'ah insurance is an effort to protect one another and to help one another among people or groups through investments in the form of assets or tabarru’ funds (endowment), and repayment. The essential of the Islamic insurance implementation is cooperation (ta'âwun). To maintain consistency in the implementation of sharia in the financial sector and the enhancement of the nation’s prosperity, tabarru’ funds (endowment) are considered to be the same as grants (donation) so that the funds donated cannot be canceled. There are fundamental differences between conventional insurance and shari’ah insurance because shari’ah insurance uses the principle of risk-sharing so that sharia insurance companies called the operators wouldn’t call the guarantors. Customers in sharia insurance companies called participants wouldn’t call guaranteed. Besides other differences are the contract, premium elements, ownership of fund, investment of fund, payment of claims, profit sharing, there is Sharia Supervisory Board, vision and mission, accounting methods, there is no charred fund, and there is no charge (loading).
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Ali Jan, Ahmad, Muhammad Tahir, Fong-Woon Lai, Amin Jan, Mehreen Mehreen, and Salaheldin Hamad. "Bankruptcy Profile of the Islamic Banking Industry: Evidence from Pakistan." Business Management and Strategy 10, no. 2 (November 25, 2019): 265. http://dx.doi.org/10.5296/bms.v10i2.15900.
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The purpose of this study is to examine the bankruptcy profile of the Islamic banking industry in Pakistan for the post-crisis period 2007-2008. This study used Altman’s Z-score bankruptcy evaluation model for evaluating bankruptcy rates of the sampled Islamic banks from Pakistan for the post-crisis period 2009-2015. ANOVA result shows the P-value with 0.002, which implies that the sampled Islamic banks from Pakistan do differ in their rates of bankruptcy. Regression results show that the variables liquidity and productivity ratios have a significant positive impact on the bankruptcy profile of the Islamic banking sector in Pakistan. While profitability and insolvency, ratios indicated an insignificant impact on the bankruptcy profile of the Islamic banking industry in Pakistan. The overall analysis of this study is viable to draw the attention of researchers and practitioners towards the deteriorating bankruptcy profile of the Islamic banking sector in Pakistan. The study also persuades the researchers to design a separate Shariah-based bankruptcy evaluation model for the Islamic banking industry of Pakistan.
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Ali, Mohammad Mahbubi, Abrista Devi, Hafas Furqani, and Hamzah Hamzah. "Islamic financial inclusion determinants in Indonesia: an ANP approach." International Journal of Islamic and Middle Eastern Finance and Management 13, no. 4 (July 15, 2020): 727–47. http://dx.doi.org/10.1108/imefm-01-2019-0007.
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Purpose This study aims to uncover the determinants of Islamic financial inclusion in Indonesia. Design/methodology/approach This study uses the analytic network process (ANP) to gather expert opinions and responses from academics, regulators and practitioners. Findings The ANP analysis discovered that the level of Islamic financial inclusion in Indonesia is influenced by two main drivers: the supply and the demand. The demand factors for Islamic financial inclusion, ranked based on their level of significance, are as follows: financial literacy (0.27), religious commitment (0.22), socioeconomic factor (0.19) and social influence (0.17), respectively. From the supply side, primary catalysts for Islamic financial inclusion based on their level of importance are human capital (0.32), product and services (0.24), infrastructure (0.18) and policies and regulation (0.17), respectively. Research limitations/implications The present study does not include the Islamic insurance sector in its determinant framework of Islamic financial inclusion in Indonesia. Practical implications This study serves as a reference for regulators in formulating appropriate policy strategies to strengthen the Islamic financial inclusion in Indonesia. Originality/value This study is a pioneer attempt to identify distinctive factors that influence the level of Islamic financial inclusion in Indonesia by analyzing expert opinions from diverse groups of Islamic finance stakeholders.
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Nagimova, A. "Islamic Capital in Kazakhstan." World Economy and International Relations 65, no. 2 (2021): 100–108. http://dx.doi.org/10.20542/0131-2227-2021-65-2-100-108.
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Over the last decades Islamic Finance has been expanding its role in the global economy, including in the Post- Soviet Area. Who are the key players of Islamic Finance market? What are their investment strategies here? This paper considers above questions by investigating more than 250 deals involving Islamic investors over the period 1991–2020 in Kazakhstan Republic. The data on deals gathered from two main sources: i) M&A database Zephyr (Bureau van Dijk), and ii) open sources (information agencies, company annual reports, press-releases, presentations, interviews). We are analyzing the growth of the Islamic Finance industry in Kazakhstan, and dependency on two key investors – Islamic Development Bank and Abu Dhabi Government. Then We study the structure of Islamic Finance investments by the type of investors. We found that despite the small share of Islamic banks and Islamic leasing (ijara) companies they have become an important factor of the financial sector in Kazakhstan. We saw that the potential for issuing sukuk and developing Islamic insurance (takaful) have not yet been realized but Islamic Finance became one of the six pillars of the Astana International Financial Centre (AIFC). In addition, we have identified several factors critical to further Islamic Finance market development in the Central Asia. In conclusion there is a question whether Kazakhstan financiers and policymakers will be able to apply creative approach to Islamic Finance that not only allow to adopt the experience of other countries, but also bring something new. Acknowledgements. This study is funded by RFBR, project number 19-310-60002 “Islamic Finance in the Post-Soviet States: challenges and opportunities for investment growth in the CIS countries”.
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Abbas, Azhar, Waheed Akhter, Mubeen Butt, Raza Ullah, and M. Amjed Iqbal. "Potential of Livestock TAKAFUL in Pakistan: An Empirical Investigation." Sukkur IBA Journal of Economics and Finance 1, no. 1 (November 30, 2017): 29. http://dx.doi.org/10.30537/sijef.v1i1.130.
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Livestock sector in Pakistan is among top countries in the production of animal and dairy product. The country has witnessed an increasing trend in milk production during the last 5 years particularly in Punjab province. There are numerous risks associated with livestock which threaten the viability of this important sector. Most important of these risks and uncertainties are natural disasters including flood, heavy rainfall, and earthquake etc. All these risks play important role in the productivity of livestock sector. Livestock insurance is one of the options to mitigate the potential impacts of such natural calamities. This study is designed to investigate the demand for livestock insurance in Punjab province of Pakistan. Three Tehsils from central Punjab namely Lahore, Kasur and Raiwind, were selected as universe of the study. A total of 250 dairy farmers were interviewed using a structured questionnaire during January to March 2015. Descriptive statistics and binary logistic regression were used to assess the potential demand for livestock TAKAFUL (Islamic Insurance) in the study area. The results point to the significance of number of animals, ratio of farm income to household income, desire to increase herd strength and livestock farm quality in respondents’ willingness to pay for livestock TAKAFUL. The findings urged provision of Shariah compliant product for farmers and training in livestock management
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Aris, Nooraslinda Abdul, Rohana Othman, Rafidah Mohd Azli, Mardiyyah Sahri, Dzuljastri Abdul Razak, and Zaharuddin Abdul Rahman. "Islamic Banking Products: Regulations, Issues and Challenges." Journal of Applied Business Research (JABR) 29, no. 4 (June 28, 2013): 1145. http://dx.doi.org/10.19030/jabr.v29i4.7922.
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The Islamic world is in its evolutionary phase. Islamic finance whichcomprises the banking system, takaful (Islamic insurance) and capital market productsand services offer an alternative to society. The development is said to bephenomenal with a double-digit annual growth rate since its inception. McKinsey & Company (2007) in his study stated thatthe value of Islamic banking assets and assets under Islamic management isexpected to reach USD1 trillion by 2010, with Islamic banks growing morerapidly than the average banking sector in most countries. As of 2009,worldwide assets under shariah compliance grew four times from 0.5% to 2% ofthe world economy and reached MYR3.5 trillion (PEMANDU,2010). With the increasing trends of Islamic finance, Islamic financialinstitutions (IFIs) around the world are encouraged to develop and innovate newproducts in order to meet the ever-changing demand from its customers andpotential customers. The introduction of new Islamic products does impose somechallenges, not only to the practitioners and Shariah council members, butalso to society at large, as they are the ultimate users of the product. Thispaper aims to look at the development and regulations of new Islamic banking productswith focus given more on Islamic house financing. Such developments bring aboutvariation in the products introduced to the public as different contracts are adopted.The focus will be mainly on IFIs operating and regulated in Malaysia withspecific enforcement by the countrys regulators.
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Thornton, Rebecca L., Laurel E. Hatt, Erica M. Field, Mursaleena Islam, Freddy Solís Diaz, and Martha Azucena González. "Social security health insurance for the informal sector in Nicaragua: a randomized evaluation." Health Economics 19, S1 (September 2010): 181–206. http://dx.doi.org/10.1002/hec.1635.
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Ozyuksel, Suna, and Murat Gezgin. "Turkish Insurance Companies’ Risk Management Strategies and Structures: A Survey Study." International Journal of Economics and Finance 12, no. 8 (June 20, 2020): 12. http://dx.doi.org/10.5539/ijef.v12n8p12.
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Insurance industry is one of the cornerstones of both the financial system and the economy as it undertakes global risks and minimizes losses. The compensation of major losses by insurance companies means rapid recovery and resumption for investors. The insurance sector is very important for the development of the country's economy as it contributes premium volume and its support to investors as for compensation of the losses. However, the insurance sector faces a great deal of risks. Therefore, it is of importance for insurance companies to have a robust risk management system to constitute a basis for the growth of economy. Risk management enables insurance companies to identify measuring and analyzing risks, safeguard their assets, minimize potential risks and take them under control. The aim of this study is the evaluation of the risks assumed by insurance companies in Turkey and their risk management perspectives to struggle such major risks through a survey. This survey makes an evaluation about how insurance companies’ risk management departments are structured, risks that insurance companies foresee, their strategies to deal with such risks. Among the important findings of the survey; Top 10 risks for insurance companies are: “interest rate and foreign exchange rate fluctuation, political risks, economic slowdown, economic crisis, regulations, cyber-attacks, incompliance with the applicable legislation, increasing competition, digitalization/insurtech, business continuity interruption” and the second finding is Turkish insurance industry’s risk management set-up has a robust structure even though it has a small share in global insurance market and Turkish financial sector.
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Gehrig, Thomas, and Maria Chiara Iannino. "Capital regulation and systemic risk in the insurance sector." Journal of Financial Economic Policy 10, no. 2 (May 8, 2018): 237–63. http://dx.doi.org/10.1108/jfep-11-2017-0105.
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Purpose This paper aims to analyze systemic risk in and the effect of capital regulation on the European insurance sector. In particular, the evolution of an exposure measure (SRISK) and a contribution measure (Delta CoVaR) are analyzed from 1985 to 2016. Design/methodology/approach With the help of multivariate regressions, the main drivers of systemic risk are identified. Findings The paper finds an increasing degree of interconnectedness between banks and insurance that correlates with systemic risk exposure. Interconnectedness peaks during periods of crisis but has a long-term influence also during normal times. Moreover, the paper finds that the insurance sector was greatly affected by spillovers from the process of capital regulation in banking. While European insurance companies initially at the start of the Basel process of capital regulation were well capitalized according to the SRISK measure, they started to become capital deficient after the implementation of the model-based approach in banking with increasing speed thereafter. Practical implications These findings are highly relevant for the ongoing global process of capital regulation in the insurance sector and potential reforms of Solvency II. Systemic risk is a leading threat to the stability of the global financial system and keeping it under control is a main challenge for policymakers and supervisors. Originality/value This paper provides novel tools for supervisors to monitor risk exposures in the insurance sector while taking into account systemic feedback from the financial system and the banking sector in particular. These tools also allow an evidence-based policy evaluation of regulatory measures such as Solvency II.
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Grzebieniak, Andrzej. "Evaluation of Life Insurance Market Development in Poland During the Years 1991-2010." Olsztyn Economic Journal 7, no. 2 (December 31, 2012): 209–27. http://dx.doi.org/10.31648/oej.3421.
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Radical changes in Poland during the last decade of the 20th c. causednot only a significant acceleration of Poland's economic growth rate but also rapid increase in the importance of insurance for the national economy. The penetration coefficient, i.e. the ratio of the gross premium written to the GDP, which in case of the total premiums increased from 1.83% in 1991 to 3.83% in 2010, and in case of life insurance from 0.26% to 2.31% respectively, is considered one of the synthetic measures of that importance. Although the Polish insurance market is developed far less than the European Union market where that coefficient is 7.9% and 4.8% respectively those differences decrease every year. The similar trend is presented by the depth coefficient that is the per capita insurance premium that additionally in case of life insurance increases faster than in case of the insurance sector as a whole. This indicates a relatively good life insurance market development rate in Poland although that market still ranks within the second half of the total number of the European Union countries' domestic markets.
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Saleh, Muhammad Musa, Sujata Balan, and MD Khalil Bin Ruslan. "Learning from the Malaysian Experience: Overcoming the Regulatory Challenges in the Nascent Takaful Practice Innigeria." Journal of Politics and Law 9, no. 7 (August 30, 2016): 142. http://dx.doi.org/10.5539/jpl.v9n7p142.
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The Islamic insurance (<em>Takaful</em>) introduced in March, 2013, was specifically meant to bridge the endemic insurance gap in Nigeria by engendering deepening insurance penetration and financial inclusion of the hitherto underserved and uninsured huge Muslim clientele. However, the <em>Takaful</em> Operational Guidelines and a host of other enabling insurance instruments are caught up in a web of regulatory conflict and ambiguity. The legal effect of this is a huge regulatory vacuum that is bound to impact negatively on capital investment climate, breed mistrust and uncertainty and discourage participation in the nascent <em>Takaful</em> industry. Nigeria would need to draw from the vast experiences of Malaysia in order to overcome these challenges. Nigeria and Malaysia are both former British colonies with diverse ethnic and socio-cultural backgrounds. They both practice divergent legal systems in a secular setting. Both have sizeable numbers of Muslim population. While Malaysia is considered the hub of <em>Takaful</em> practice in the world, Nigeria is just an emerging market in the now trending Islamic financial revolution. This paper examines the enormous general and regulatory challenges the nascent Nigerian <em>Takaful </em>practice will encounter in its quest to attain sustainability and vibrancy. The methodology of the study is both doctrinal and qualitative whilst employing non-random sampling technique. The study employs both primary and secondary sources of information and interviews where appropriate. The study finds the need for a review and harmonization of all the enabling insurance instruments in Nigeria, transforming the current business models and improving practices in the insurance sector to enhance the application of <em>Takaful</em>. The study recommends the enactment of a Takaful Act like that of Malaysia.
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Čejková, Viktória, and Eva Vávrová. "Evaluation of the harmonization process of the Czech insurance market with the single insurance market of the EU." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 52, no. 6 (2004): 239–52. http://dx.doi.org/10.11118/actaun200452060239.
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For the Czech insurance industry, it has been 13 years since the passage of the Insurance Act in 1991, which did away with the monopoly and allowed competition in this business sector. In our evaluation, we can state that the positives outweigh the negatives. A relatively high pace of growth in total premiums written was achieved and the ratio of premiums written to GDP increased, up to 4,0% in 2002. In comparison with EU countries, the Czech insurance market is behind in 2 global indicators: the ratio of premiums written to GDP and the share of life insurance in total premiums written. The Czech insurance market must count on greater competition from foreign insurance companies, as the Czech Republic was May 1, 2004, accepted as a member of the European Union.
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Zimková, Emília. "Technical Efficiency and Super-efficiency of the Insurance Sector in Slovakia." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 63, no. 6 (2015): 2205–11. http://dx.doi.org/10.11118/actaun201563062205.
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In this paper, the technical efficiency and the super-efficiency of a representative sample of insurance institutions in Slovakia is analyzed with the aid of data envelopment analysis (DEA). This paper differs from the so far published literature, as it extends the application of radial DEA models (the CCR model of Charnes, Cooper and Rodes; the BCC model of Banker, Charnes and Cooper) by a non-radial model (the SBM model of Tone) and a super-efficiency model. The supper-efficiency can be used either to rank efficient units or to indicate outliers in the analyzed group of decision making units. Achieved results also reveal that in the year 2013, among 13 Slovak insurance companies under evaluation, the AXA poisťovňa, a. s. was the super-efficient insurance company. The implications of gained results are then drawn for managerial and regulatory purposes. Firstly, it is shown how the management of the insurance institutions with the poorest performances should change their managerial procedures and adopt enhanced-incentive policy. Secondly, the regulatory body of the insurance institutions should utilize the gained technical efficiency of the analyzed institutions for the prediction of their competitiveness in the long run.
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Baranauskas, Gedas, and Agota Giedrė Raišienė. "Expert-based evaluation of digitalization and mass customization in the Baltic non-life insurance online platforms." Journal of Eastern European and Central Asian Research (JEECAR) 8, no. 2 (June 13, 2021): 184–201. http://dx.doi.org/10.15549/jeecar.v8i2.644.
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The expansion of online distribution platforms illustrates how non-life insurance companies are shifting to digital and customized personal line insurance products. This research extends previous investigations on digital insurance transformations and customization trends in the European and Baltic markets. Expert-based evidence on predominant as-is features in existing non-life insurance online platforms and evaluation on a practical spread of 3 capabilities of the Mass Customization concept are key research outcomes. Results reveal that neither the Mass Customization concept and its capabilities nor combinations with digital and personalization solutions are sufficiently widespread. Results of the digitalization evaluation indicate that the level in the Baltic non-life insurance sector is between Satisfied and Rather Good and is equal to the level of service provider’s preparation for digital solutions. However, it is behind the actual needs of end-users. Findings show that standardization is a predominant as-is feature in the Baltic non-life insurance online platforms.
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El Hachami, Khadija, Youssef Lamrani Alaoui, and Mohamed Tkiouat. "Sectorial evaluation of Islamic banking contracts: a fuzzy multi-criteria-decision-making approach." Investment Management and Financial Innovations 16, no. 2 (July 5, 2019): 370–82. http://dx.doi.org/10.21511/imfi.16(2).2019.31.
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Improving the efficiency and performance of microfinance investments is essential to achieve its objectives in terms of economic and social development. One parameter that influences such a performance is the kind of the activity exercised by the micro-entrepreneurs. The aim of this paper is to provide a decision-making guide to help both microfinance institutions and investors to choose the appropriate Islamic banking contract with respect to each sector of activity. To attain this goal, an Intuitionistic Fuzzy TOPSIS evaluation is conducted in collaboration with Moroccan Islamic finance experts and practitioners. The proposed approach has the advantage to deal with the lack of quantitative historical data, as well as the uncertainty of the decision makers’ judgments. The suggested work will be helpful for the Moroccan participative banks and for the future Islamic microfinance institutions as well.
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Abdul Kaium Masud, Md, and Md Humayun Kabir. "Corporate social responsibility evaluation by different levels of management of Islamic banks and traditional banks: evidence from banking sector of Bangladesh." Problems and Perspectives in Management 14, no. 3 (September 6, 2016): 194–202. http://dx.doi.org/10.21511/ppm.14(3-1).2016.06.
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The research aims to evaluate different levels of management understanding and performance on Corporate Social Responsibility (CSR) of traditional banks and Islamic banks in Bangladesh. Moreover, the paper points out the philosophy of both banks’ policy makers. The study is exclusively analytical in nature where 14 banks were selected on the basis of availability of branches in the research area. The research was based on primary data sources through a structured questionnaire. The research findings revealed that there is a gap between policy makers’ assurance of CSR contribution and its real implementation. The analysis found that Islamic banks are better than traditional banks with regard to the implementation of CSR policies. The result also showed that there are still some controversies on CSR performance of Islamic and traditional banks in general. The study also observed that Islamic, as well as traditional banks’ different levels of management conceive that CSR activities are performed by banks for their own interest rather than for social welfare. Therefore, it must be emphasized that good CSR policy is inevitable for all types of banks in Bangladesh. For the betterment of the society, as well as the banks, all levels of management should harmonize their CSR philosophy. Keywords: corporate social responsibility, management performance, traditional bank, Islamic bank, Bangladesh. JEL Classification: G21, M10, M14
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Dyagel, Oksana Yurievna. "EVALUATION OF THE COST-EFFECTIVENESS OF THE PUBLIC SECTOR SERVICES: VARIABILITY OF THE METHODOLOGICAL TOOLS." Krasnoyarsk Science 8, no. 4 (December 25, 2019): 34–48. http://dx.doi.org/10.12731/2070-7568-2019-4-34-48.
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The purpose of the article was to reveal the analytical tools for evaluating the effectiveness of the allocated financing funds for the provision of the services provided in the public sector of the economy, the application of which does not have a uniform methodology today. The possibility to solve this issue is shown with regard to the compulsory health insurance system. To achieve the goal, the study reveals the definition of such categories as “effect” and “efficiency” of the medical institutions activities, “efficiency of spending” of the Territorial Fund for Compulsory Health Insurance. There is revealed the analytical significance of the existing methodological approaches to assessing the effectiveness of health care costs; their comparative analysis is carried out. Based on the results, the alternative is proposed, based on the system of the cost-effectiveness indices to achieve the health, social and economic effects of medical institutions; the analytical advantages of the alternative proposed are justified.
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Jasevičienė, Filomena, and Vaida Valiulienė. "MAIN RISKS IN THE LITHUANIAN BANKING SECTOR: ANALYSIS AND EVALUATION." Ekonomika 92, no. 1 (January 1, 2013): 97–119. http://dx.doi.org/10.15388/ekon.2013.0.1132.
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Abstract. There are a number of different financial market institutions such as banks, credit unions, leasing and insurance companies, as well as capital market players in Lithuania. The bank sector makes the largest part of the financial market (more than 80%). Thus, the bank sector has a considerable influence on the country’s economy. Banks are not specialized in Lithuania, i.e. they are universal banks which seek to provide quite a wide range of financial services. The successful performance of a bank mostly depends on how it succeeds to manage the risks. The problems of risk management are becoming an object of exceptional attention while enhancing the variety of analysed risks as well as developing the investigation instruments both in the whole world and in Lithuania. Loans make the largest part of bank assets. So, the loan risk management is one of the most important guarantees of safe banking. To manage effectively the bank credit risk, it should be adequately evaluated.Key words: banks, credit risk, credit risk management, credit quality, non-performing loansp>
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Kazaure, Mansur Ahmed. "Extending the theory of planned behavior to explain the role of awareness in accepting Islamic health insurance (takaful) by microenterprises in northwestern Nigeria." Journal of Islamic Accounting and Business Research 10, no. 4 (July 8, 2019): 607–20. http://dx.doi.org/10.1108/jiabr-08-2017-0113.
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Purpose Nigeria is a country with very low health insurance coverage, with only 3 per cent of its population in the public and private sector covered by conventional health insurance. This made it possible for the exploration of alternative methods of insurance in Muslim dominated northwestern Nigeria. Thus, this paper aims to extend the theory of planned behavior to understand the role of awareness in the acceptance of Islamic health insurance (takaful) among microenterprises in northwestern Nigeria. Design/methodology/approach The methodology used was a purely quantitative survey with data collected from seven states that form the northwestern Nigeria. Findings The findings revealed that attitude, social influence and perceived behavioral control have a significant direct influence on takaful acceptance intention among microenterprises in northwestern Nigeria, while awareness does not. It was also discovered that awareness of takaful moderates the influences of social influence and perceived behavioral control on takaful acceptance intention, but it failed to moderate the influence of attitude on takaful acceptance intention in the same context. Research limitations/implications The implication is that despite the acceptance intention more awareness is required to enlarge the takaful market in the region. The study contributes to the theories of reasoned action and planned behavior through the integration of awareness as a moderator. Originality/value The work is pioneering, extent literature in the area of takaful failed in investigating the role of awareness as a moderating variables in Nigeria where much awareness of the concept is desirable.
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Denkowska, Anna, and Stanisław Wanat. "Dynamic Time Warping Algorithm in Modeling Systemic Risk in the European Insurance Sector." Entropy 23, no. 8 (August 8, 2021): 1022. http://dx.doi.org/10.3390/e23081022.
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We are looking for tools to identify, model, and measure systemic risk in the insurance sector. To this aim, we investigated the possibilities of using the Dynamic Time Warping (DTW) algorithm in two ways. The first way of using DTW is to assess the suitability of the Minimum Spanning Trees’ (MST) topological indicators, which were constructed based on the tail dependence coefficients determined by the copula-DCC-GARCH model in order to establish the links between insurance companies in the context of potential shock contagion. The second way consists of using the DTW algorithm to group institutions by the similarity of their contribution to systemic risk, as expressed by DeltaCoVaR, in the periods distinguished. For the crises and the normal states identified during the period 2005–2019 in Europe, we analyzed the similarity of the time series of the topological indicators of MST, constructed for 38 European insurance institutions. The results obtained confirm the effectiveness of MST topological indicators for systemic risk identification and the evaluation of indirect links between insurance institutions.
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Sriono, S., Sri Dewi, Miftah Hulzannah, Maria Panggabean, and Riki Afri Rizki. "Legal Protection Against Bank Customers in Review of Banking Laws." International Journal of Educational Research & Social Sciences 1, no. 1 (April 7, 2021): 1–6. http://dx.doi.org/10.51601/ijersc.v1i1.7.
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Legal protection for customers is reviewed in terms of banking laws and regulations, such as Law Number 21 of 2008 concerning Islamic banking. Both Islamic banks and conventional banks with regulatory control must comply with general banking regulations. Act Number 7 of 1992 concerning Banking. The Banking Law which regulates amendments to Law Number 10 of 1998 concerning Amendments to Law Number 7 of 1999. there is an obligation for banks to become members of the Deposit Insurance Corporation (LPS) so as to provide protection for depositors customers against their deposits and the existence of customer rights conduct customer complaints, and use banking mediation forums for simple, cheap, and fast dispute resolution. Legal protection for customers in terms of the Consumer Protection Act lies in the obligation for banks to heed the procedure for making standard clauses.Settings via The Consumer Protection Law which is closely related to legal protection for customers as banking consumers is the provision regarding standard clauses. Meanwhile, from the laws and regulations in the banking sector, the provisions that provide legal protection for bank customers as consumers include the introduction of the Deposit Insurance Corporation (LPS) in Law Number 10 of 1998. At the technical level the legal umbrella protecting customers includes the existence of arrangements regarding the settlement of customer complaints and banking mediation in a Bank Indonesia Regulation (PBI).
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Ahmad Mokhtar, Hamim Syahrum, Izwayu Abdul Aziz, and Noraziyah Md Hilal. "Corporate demand for general takāful in Malaysia." ISRA International Journal of Islamic Finance 9, no. 2 (December 4, 2017): 164–84. http://dx.doi.org/10.1108/ijif-08-2017-0024.
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Purpose This study on corporate demand for general takāful (Islamic insurance) aims to identify potential growth areas and areas for improvement in takāful business practices in Malaysia. Design/methodology/approach A survey on corporates’ protection needs, takāful/insurance coverage obtained and awareness on takāful/insurance was conducted for this paper. Findings The findings from the survey are as follows: There is potential for takāful operators to further penetrate the corporate sector, as the majority of respondents indicated willingness to spend on takāful/insurance. Emphasis on takāful value propositions apart from its Sharīʿah compliance status is needed to attract corporates, as respondents were found to be indifferent on Sharīʿah compliance status of their protection. Strong market presence, expanded product offerings and efficient services were key determinants to attract takāful subscription. Respondents’ heavy reliance on intermediaries warrants strong collaboration with intermediaries to widen market outreach. The small and medium enterprises segment appeared promising, as it is found to be underserved despite having higher propensity to obtain takāful/insurance coverage compared to the overall respondents. Research limitations/implications This study is limited to Malaysia’s experience. The findings are indicative (though they may not be conclusive) of the target segment as well as the takāful industry as a whole. Originality/value The insights on respondents’ considerations when obtaining takāful/insurance coverage and the correlation of these factors with respondents’ characteristics can assist takāful/insurance providers in structuring products and business strategies to better serve this market segment. The paper may also aid discussions among researchers and regulators on areas for further development of the industry.
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Puspitasari, Intan, Neneng Ela Fauziyyah, and Annisa Nur Salam. "Zakah Fund Distribution Model Trough Takaful Institution for The Welfare of The Poor Farmer." Global Review of Islamic Economics and Business 4, no. 1 (December 8, 2016): 041. http://dx.doi.org/10.14421/grieb.2016.041-04.
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Various poverty alleviation programs are always launched by the government from year to year. But it is not able to change the state of this country to become more self-sufficient and prosperous. If explored further, the majority of people classified as poor are working as farmers. Therefore, it is necessary to alleviate poverty policy that focuses on the welfare of farmers. So that when the policy is successfully realized, the majority of the poor in Indonesia will be able to independently through the development of the agricultural sector. One of the problems faced by farmers is weak stimulus funds from financial institutions. Due to the agriculture sector is seen as high risk, the financial institutions tend to feel worried if that financing for the sector. In anticipation of losses on crop failure, it is important applied an insurance that serves to protect the farm. So that financial institutions have the courage to do the financing for the agricultural sector. Meanwhile, zakat is one of the Islamic public financial instruments with the potential to be developed. Zakat funds channeled to 8 asnaf, including for the poor. So, it is possible if the charity can be used as agricultural insurance fund for farmers who are poor. Based on the explanation, this paper is intended to offer a model of the distribution of zakat to the poor farmers through takaful. The hope when this model is applied, will invite many financial institutions in stimulating agricultural business funds. The final implications are the farmers’ productivity increased and the quantity of the poor in Indonesia will be reduced.
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Uddin, Tanvir Ahmed, and Md Fazla Mohiuddin. "Islamic Social Finance in Bangladesh: Challenges and Opportunities of the Institutional and Regulatory Landscape." Law and Development Review 13, no. 1 (February 25, 2020): 265–319. http://dx.doi.org/10.1515/ldr-2019-0072.
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AbstractFrom the end of World War Two, the core methodology of law and development projects has been to transplant the best legal institutions of Western capitalism to poor and emerging economies. In many post-colonial contemporary Muslim-majority countries, such programs have not adequately engaged with local legal systems, cultures and traditions. Contrary to the restrictive modernist approach to law and development, and inspired by the Sharia, there are numerous Islamic social finance mechanisms that can be utilised for poverty alleviation and their existence is evident across Bangladesh. These cover the full spectrum of philanthropic to financing, investments and insurance built upon Sharia norms and principles. Unfortunately, the true potential of Islamic social finance is considerably constrained by the weak regulatory and policy environment. Islamic social finance does not feature in national development plans, is regulated through a patchwork framework, and operates at a negligible scale. This paper provides a detailed analysis of the existing regulatory and institutional landscape of Zakah (obligatory almsgiving), awqaf (perpetual endowments), Islamic microfinance and microtakaful (microinsurance) in Bangladesh and examines the potential and challenges for Islamic social finance to reduce poverty. Thereafter, several pertinent policy and institutional recommendations are provided to effectively modernise and advance the effectiveness of Islamic social finance institutions. The methodology employed is a mixed approach incorporating literature review, legal analysis of laws and regulation and contextual analysis and field interviews among industry stakeholders. Ultimately, while private investment and initiatives are always able to support the Islamic social finance sector, this paper focuses on the extent to which the regulatory and policy environment is a crucial enabler for widespread and sustained development impact.
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A. Tezergil, SEHER. "Veri Zarflama Analizi ile Türk Sigorta Sektörünün Elementer Branşlarda Değerlendirilmesi - Evaluation of Turkish Insurance Sector in Non-Life Insurance With Data Envelopment Analysis." Journal of Business Research - Turk 10, no. 1 (March 30, 2018): 342–57. http://dx.doi.org/10.20491/isarder.2018.384.
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Rehman, Shams Ur. "Determinants of Profitability in Life and Non-Life Insurance Sector of Pakistan: An Endogenous and Exogenous Evaluation." Journal of Independent Studies and Research: Management, Social Science and Economics 16, no. 2 (December 31, 2018): 97–106. http://dx.doi.org/10.31384/jisrmsse/(2018).16.2.7.
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Kamal Abu Amsha, Mohamad. "Evaluation and predictability of performance Sector portfolio’s and Al-Quds Index / Evidence from Palestine Exchange." مجلة جامعة فلسطين التقنية خضوري للأبحاث 5, no. 1 (February 15, 2017): 16–34. http://dx.doi.org/10.53671/ptukrj.v5i1.49.
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This paper aimed to evaluation and prediction the portfolios sectors (banking and financial services, industry, insurance, investment, services, market portfolio) in Palestine Stock Exchange (PSE) from January 2013 - December 2016, we had been used, Sharpe index, Treynor, and Jensen index, to evaluate the performance of the portfolios sectors, and Model was used, (Box - Jenkins), to Prediction the performance of the portfolios sectors. The main results of this study to outweigh the performance of the banking portfolio, the performance of other portfolios. The study also found, according to different methods and tests, the autoregressive model of degree one is the best model fitting the data. The seasonal pattern of the series has little effects on the model.
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Kamal Abu Amsha, Mohamad. "Evaluation and predictability of performance Sector portfolio’s and Al-Quds Index / Evidence from Palestine Exchange." مجلة جامعة فلسطين التقنية للأبحاث 5, no. 1 (February 15, 2017): 16–34. http://dx.doi.org/10.53671/pturj.v5i1.49.
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This paper aimed to evaluation and prediction the portfolios sectors (banking and financial services, industry, insurance, investment, services, market portfolio) in Palestine Stock Exchange (PSE) from January 2013 - December 2016, we had been used, Sharpe index, Treynor, and Jensen index, to evaluate the performance of the portfolios sectors, and Model was used, (Box - Jenkins), to Prediction the performance of the portfolios sectors. The main results of this study to outweigh the performance of the banking portfolio, the performance of other portfolios. The study also found, according to different methods and tests, the autoregressive model of degree one is the best model fitting the data. The seasonal pattern of the series has little effects on the model.
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Ayu, Dwie. "Evaluation of Participant Patient Satisfaction Evaluation in Childbirth Care at Independent Midwifery Practices." Jurnal Ners dan Kebidanan Indonesia 7, no. 3 (April 30, 2020): 186. http://dx.doi.org/10.21927/jnki.2019.7(3).186-191.
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<p><em>Patient satisfaction is a measure of the quality of care. One important problem that continues to be faced is the lack of good quality service and getting client satisfaction. The aim is to explore the satisfaction of maternity patients using BPJS guarantees for the services provided by midwives in the Midwife's Independent Practice. This research method uses qualitative short narrative or force. PubMed and Proquest searches were carried out systematically from 2008 to 2018. Quality articles were selected based on inclusion and Critical Assessment criteria. Based on the review found k Mothers' satisfaction with prenatal care can be said to be the experience that results from subjective judgments about what the mother expects and what actually happens related to labor. Factors that influence patient satisfaction in labor are environmental factors, technical and professional aspects of nursing, and aspects of care and communication. Quality of service is the dominant concept in quality assurance and quality improvement programs in the health sector. One method for determining quality is evaluating customer satisfaction. One tool for evaluating and analyzing service quality gaps is SERVQUAL to study the difference between customer expectations and perceptions in different dimensions including in five dimensions of service quality namely physical evidence, service reliability, responding, assurance and empathy. To get health services, you can use health insurance (BPJS). The benefits of health insurance are freeing participants from the difficulty of providing cash, health costs can be monitored, quality of service can be overcome and the availability of health data. </em></p>
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Boulanouar, Zakaria, and Faisal Alqahtani. "IPO underpricing in the insurance industry and the effect of Sharia compliance." International Journal of Islamic and Middle Eastern Finance and Management 9, no. 3 (August 15, 2016): 314–32. http://dx.doi.org/10.1108/imefm-12-2014-0118.
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Purpose The purpose of this paper is to explore the existence of underpricing in the cooperative insurance sector in the Saudi Arabian market and to examine whether Sharia compliance requirements have an impact on the level of underpricing. Design/methodology/approach Underpricing and the effect of Sharia compliance are analysed using a comprehensive sample of 33 insurance companies with data collected between 2007 and 2013, after taking into account market movements, as well as some factors well-known in the literature. Findings The authors find that underpricing not only exists but also is among the highest in the world (455 per cent), which contradicts the literature on initial public offerings (IPOs)’ pricing in highly regulated sectors. In light of one of the other findings of the authors, namely, the small number of insurance underwriters, the authors attribute these very high levels of underpricing in part to the monopsony power of insurance underwriters in Saudi Arabia. Regarding the Sharia compliance effect, they find that it does not significantly reduce the underpricing of insurance offerings. The authors interpret this as the fact that Sharia status might not be taken into account by underwriters when they price the offerings of insurance companies, due to a major drawback in the implementing regulations of cooperative insurance which have been highly criticised by practitioners. Research limitations/implications Future research should try to include more factors that might explain the underpricing and its determinants. Two important recommendations flowing from this study for regulatory and supervisory institutions are the need to improve disclosure and transparency conditions and to work towards reducing the monopsony power enjoyed by the underwriters. As for Sharia effect, the Saudi central bank should resolve the issue of Sharia compliance by adopting one of the Sharia-friendly models suggested by Islamic finance scholars, such as wakala or mudaraba. Originality/value To the best of authors’ knowledge, this paper is among the first to offer empirical evidence of the impact of Sharia compliance on the initial return of the IPOs of cooperative insurance firms.
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Hasan, Rashedul, Abu Umar Faruq Ahmad, and Haziq Bin Nordin. "EVALUATION OF TAKĀFUL OPERATORS’ EFFORTS IN REALISING MAQASID AL- SHARĪʿAH." Journal of Islamic Monetary Economics and Finance 3, no. 2 (March 28, 2018): 397–413. http://dx.doi.org/10.21098/jimf.v3i2.897.
Full textAbstract:
Takāful has emerged as a Sharīʿah-compliant alternative to conventional insurance, which is embedded in realising its underlying maqasid (goals or objectives) of Sharīʿah. Contrary to previous studies that attempted to provide evidence that takāful products are compliant with the Sharīʿah in practice of takāful operators (TOs), this paper seeks to take a different approach to investigate their compliance with the fulfilment of the three broad categories of maqasid al-Sharīʿah. In light of the theoretical perspectives of maqasid, each objective was operationally defined for statistical analysis. Six TOs from Malaysia were selected, and five-years’ data (2011-2015) have been collected from World Bank’s websites and annual reports. Secondary data were analysed through balanced panel data approach. Hausman test results indicate that fixed effect model is more appropriate in explaining the explored phenomena. Taxes paid by TOs were found to have a significant positive impact on economic growth and poverty alleviation while payment of zakah found to have a negative impact. The prohibition of riba (interest) should not be the only decisive difference between Islamic finance and its conventional counterpart. Islamic banks (IBs) and TOs are accountable toward Allah, and thus their activities should be directed toward the fulfilment of maqasid al-Sharīʿah. While earlier published literature has explored efficiency and profitability of TOs, the current paper has attempted to focus on the ability of TOs in serving the maslaha (public interest/common good of the community).
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Alnodel, Ali A. "The Impact of IFRS Adoption on the Value Relevance of Accounting Information: Evidence from the Insurance Sector." International Journal of Business and Management 13, no. 4 (March 19, 2018): 138. http://dx.doi.org/10.5539/ijbm.v13n4p138.
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This paper aims to investigate whether the adoption of International Financial Reporting Standards (IFRS) increases the value relevance of accounting information for insurance firms listed in the Saudi stock market. The study employs the Ohlson model (1995) and the Easton–Harris valuation model (1991) in order to examine the association among stock market value and book value and earnings per share. The data was collected for 21 insurance companies listed in the Saudi stock market during the period 2007–2014, which covered pre- / post-IFRS periods. The results reveal that the book value of equity becomes less value relevant whereas earnings are more value relevant. Further analysis suggests that the increase in the value relevance of accounting information is positively influenced by companies’ attributes, especially profitability and size rather than IFRS adoption. These results highlight the importance of institutional factors in the determination of the value relevance of accounting information in emerging stock markets. These results also expand IFRS research through a consideration of the insurance industry, which is more vulnerable to the accounting evaluation model.
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Cairns, Liz, Maree Dyson, Sally Canobi, and Nic Vipond. "The Impact of Claims Management, Treatment, and Rehabilitation on Recovery and Return to Independence." International Journal of Disability Management 7 (November 22, 2012): 35–39. http://dx.doi.org/10.1017/idm.2012.8.
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The use of contemporaneous evaluation in personal injury insurance enables schemes to maintain and enhance their viability through access to quality information on cost, liabilities and outcomes. Best practice in research programs in the sector requires data on client outcomes and financial performance to be collected. This article presents a case study of the research and evaluation program for the National Serious Injury Service of New Zealand's Accident Compensation Corporation.
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I-chun, Liu, and Chen Chii-ching. "A Comparative Analysis of Elitist and Public Opinion Evaluation of National Health Insurance Policy Performance." JOURNAL OF SOCIAL SCIENCE RESEARCH 10, no. 4 (November 30, 2016): 2206–13. http://dx.doi.org/10.24297/jssr.v10i4.4705.
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This study discusses evaluation of National Health Insurance policy, using the policy Delphi method to obtain elite opinion on evaluation indicators of the policy and a telephone survey to collect general public opinion. Results indicated that the elite and the general public share a consensus on policy performance. The findings suggest that evaluations of NHI policy that incorporate elite and general public assessments may be preferable to evaluations based on assessments from just one sector of the population. Moreover, performance assessment should integrate the opinions of different representative sections of the population, as well as professional and democratic principles of decision-making. The study also provides evidence that public opinion and elite evaluation are correlated and shows considerable consistency in the evaluation of NHI policy regardless of the policy knowledge of the evaluators.