Publication:
Takaful and Mutual Insurance : Alternative Approaches to Managing Risks

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dc.contributor.authorGönülal, Serap O.
dc.contributor.editorGönülal, Serap O.
dc.date.accessioned2013-04-08T17:01:18Z
dc.date.available2013-04-08T17:01:18Z
dc.date.issued2013
dc.description.abstractAccess to insurance, as part of a broad range of essential financial services, is especially important for poor households in order to smooth consumption, build assets, absorb shocks, and manage risks associated with irregular and unpredictable income. Without access to good formal insurance services, the poor depend on less reliable and often far more expensive informal sector mechanisms. Yet, in many majority Islamic countries, accessing and using insur-ance products has been quite limited, as many Muslims avoid such services over concerns about riba (interest), gharar (uncertainty and ambiguity in contracts), and maysir (speculative risk), among other factors. Takaful insurance products are emerging as a central part of the Shariah-compliant family of financial services, helping meet insurance needs in ways that are consistent with the local norms and beliefs of many majority Islamic countries. Takaful has been developing steadily since the first Shariah-compliant insurer was founded in 1979, based on a Shariah-compliant cooperative model resembling mutual insurance. This is based on a group of participants donating funds into a pool that members can then use in the event of specified unfavorable contingencies. While practitioners have applied varying business models and standardization remains a challenge, many policy makers recognize the potential of takaful to expand financial inclusion and have aimed to promote the industry with supportive legislation and effective regulation. The response has been strong, with premiums growing about 30 percent (inflation adjusted) annually between 2007 and 2010, reaching US$8.3 billion. This robust performance is expected to continue, based on substantial latent demand in Muslim majority countries and improvements in the industry, including better distribution capabilities.en
dc.identifier.doi10.1596/978-0-8213-9724-4
dc.identifier.isbn978-0-8213-9724-4
dc.identifier.other10.1596/978-0-8213-9724-4
dc.identifier.urihttps://hdl.handle.net/10986/13087
dc.language.isoen_US
dc.publisherWashington, DC: World Bank
dc.relation.ispartofseriesDirections in Development--Finance;
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectAccess to insurance
dc.subjectAccounting
dc.subjectactuarial science
dc.subjectactuaries
dc.subjectamount of capital
dc.subjectAssurance
dc.subjectauditors
dc.subjectbalance sheet
dc.subjectbalance sheets
dc.subjectbilateral transaction
dc.subjectbond
dc.subjectbroker
dc.subjectbusiness laws
dc.subjectcapacity building
dc.subjectcapital adequacy
dc.subjectcapital base
dc.subjectcapital markets
dc.subjectcapital requirements
dc.subjectcasualty insurance
dc.subjectcentral banks
dc.subjectChapter 13
dc.subjectChapter 7
dc.subjectclaim
dc.subjectcommercial law
dc.subjectcommissions
dc.subjectconflict of interest
dc.subjectconflicts of interest
dc.subjectconsumers
dc.subjectcontractual terms
dc.subjectconventional insurance
dc.subjectCooperative Insurance
dc.subjectCooperatives
dc.subjectCorporate Governance
dc.subjectcoverage
dc.subjectcredit standing
dc.subjectcriminal law
dc.subjectdebt
dc.subjectdebt instruments
dc.subjectdebts
dc.subjectdeficits
dc.subjectdependent
dc.subjectDeposit
dc.subjectDeposits
dc.subjectdeveloping countries
dc.subjectDevelopment Bank
dc.subjectdividends
dc.subjectEarthquake Insurance
dc.subjecteconomic development
dc.subjectemerging economies
dc.subjectequities
dc.subjectequity holders
dc.subjectestate
dc.subjectfinances
dc.subjectfinancial constraints
dc.subjectfinancial crisis
dc.subjectFinancial Flows
dc.subjectFinancial Institutions
dc.subjectfinancial reporting
dc.subjectfree assets
dc.subjectglobal market
dc.subjectgood governance
dc.subjectholding
dc.subjectHoldings
dc.subjectimplicit guarantee
dc.subjectindemnity
dc.subjectinflation
dc.subjectinsolvencies
dc.subjectInstrument
dc.subjectInsurance
dc.subjectinsurance broker
dc.subjectInsurance Companies
dc.subjectinsurance company
dc.subjectInsurance Exchange
dc.subjectinsurance funds
dc.subjectinsurance industry
dc.subjectinsurance market
dc.subjectInsurance Markets
dc.subjectinsurance policy
dc.subjectinsurance premiums
dc.subjectinsurance products
dc.subjectinsurance regulation
dc.subjectinsurance regulations
dc.subjectinsurance risk
dc.subjectInsurance Supervisors
dc.subjectinsured events
dc.subjectinsured risks
dc.subjectInsurers
dc.subjectintegrity
dc.subjectinterest Cost
dc.subjectinterest income
dc.subjectinterest rates
dc.subjectinterests of stakeholders
dc.subjectInternational Bank
dc.subjectinternational trade
dc.subjectinvesting
dc.subjectinvestment activities
dc.subjectinvestment decisions
dc.subjectinvestment instruments
dc.subjectinvestment opportunities
dc.subjectInvestment risk
dc.subjectinvestment risks
dc.subjectInvestment Strategy
dc.subjectinvestments in equities
dc.subjectIslamic bonds
dc.subjectIslamic finance
dc.subjectIslamic Financial Institutions
dc.subjectIslamic Financial Services
dc.subjectIslamic Insurance
dc.subjectIslamic investments
dc.subjectIslamic markets
dc.subjectIslamic transactions
dc.subjectissuance
dc.subjectjoint stock companies
dc.subjectjoint stock company
dc.subjectjudgment
dc.subjectjurisdiction
dc.subjectJurisdictions
dc.subjectlack of transparency
dc.subjectleverage
dc.subjectliability
dc.subjectliability insurance
dc.subjectlife insurance
dc.subjectloan
dc.subjectlong-term investment
dc.subjectloss of property
dc.subjectmarket development
dc.subjectMarket Share
dc.subjectmarket value
dc.subjectmerger
dc.subjectMicro Insurance
dc.subjectMicrocredit
dc.subjectmicrofinance
dc.subjectmicrofinance institution
dc.subjectMicroinsurance
dc.subjectminimum capital requirements
dc.subjectMonetary Fund
dc.subjectmortgage
dc.subjectnonpayment
dc.subjectownership structure
dc.subjectownership structures
dc.subjectPolicyholders
dc.subjectpoor reputation
dc.subjectportfolio
dc.subjectPoverty Alleviation
dc.subjectprincipal-agent relationship
dc.subjectprofitability
dc.subjectprograms
dc.subjectproperty investments
dc.subjectquality of assets
dc.subjectRegulatory Framework
dc.subjectregulatory frameworks
dc.subjectReinsurance
dc.subjectreinsurance companies
dc.subjectreinsurers
dc.subjectreserves
dc.subjectreturn
dc.subjectreturns
dc.subjectriba
dc.subjectrisk allocation
dc.subjectrisk capital
dc.subjectrisk management
dc.subjectRisk mitigation
dc.subjectrisk premiums
dc.subjectRisk sharing
dc.subjectrisk transfer
dc.subjectRisk Underwriting
dc.subjectrisk-sharing arrangements
dc.subjectrisk-sharing mechanism
dc.subjectsavings
dc.subjectsecondary markets
dc.subjectsettlements
dc.subjectshareholder
dc.subjectShareholders
dc.subjectSolvency
dc.subjectsolvent
dc.subjectSpecific debt
dc.subjectsukuk
dc.subjectsupervisory board
dc.subjectsustainability
dc.subjectTakaful
dc.subjecttax
dc.subjecttax incentives
dc.subjecttrading
dc.subjecttransaction
dc.subjectTreasury
dc.subjecttreaties
dc.subjecttreaty
dc.subjecttrust fund
dc.subjectturnover
dc.subjectunderwriters
dc.subjectwinding up
dc.titleTakaful and Mutual Insurance : Alternative Approaches to Managing Risksen
dspace.entity.typePublication
okr.crossref.titleTakaful and Mutual Insurance
okr.date.disclosure2012-10-17
okr.date.doiregistration2025-04-15T11:21:45.949065Z
okr.doctypePublications & Research::Publication
okr.doctypePublications & Research
okr.globalpracticeFinance and Markets
okr.globalpracticeGovernance
okr.guid978831468321853261
okr.identifier.doi10.1596/978-0-8213-9724-4
okr.identifier.report73287
okr.language.supporteden
okr.topicFinance and Financial Sector Development::Bankruptcy and Resolution of Financial Distress
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicFinance and Financial Sector Development::Insurance & Risk Mitigation
okr.topicFinance and Financial Sector Development::Non Bank Financial Institutions
okr.topicLaw and Development::Insurance Law
okr.unitNon-Bank Fin Institutions - WB (FCMNB)
relation.isSeriesOfPublication706db16a-e556-46f0-8283-1b4a4b88645c
relation.isSeriesOfPublication.latestForDiscovery706db16a-e556-46f0-8283-1b4a4b88645c
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