Evidence on the relationship between Takaful insurance and fundamental perception of Islamic principles

Abstract

One of the complexities overarching the concept of Islamic insurance is anchored in the belief system pertaining to fundamental Islamic Law, while another is embedded in the role of profit within the takaful contract. The purpose of this study is to empirically explore the association between the awareness of the existence of Islamic insurance (takaful) and religious perceptions of this financial service. I think the way to move will be to identify more people within the Malay/Muslim community who have an interest in this type of insurance. Perhaps AMP [Association of Muslim Professionals] can do a survey to produce statistics to show that there is a potential demand for this type of service before approaching the banks and insurance companies. Up to now my impression is that the demand is either unknown or not sufficiently known for the insurance companies themselves to initiate something. Dr Richard Hu Former Finance Minister, Republic of Singapore1 1 ‘Window of Opportunities for Islamic Financing’, Karayawan, Volume 3.

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