Takaful Islamic Insurance

Authors Rifaat, Archer and Volker bring an international perspective to the growing Islamic Insurance industry. Drawing on contributions from leading experts around the world, they present a comprehensive view of the very issues governing the industry and its future direction. As top financial institutes around the world seem to enter the lucrative Takaful markets, this timely book offers crucial background information and advice, invaluable for any serious player in the market.

Autorentext

Professor Simon Archer is Visiting Professor at the ICMA
Centre, Henley Business School, University of Reading (U.K.), where
he teaches on an MSc program, Investment Banking and Islamic
Finance. Previously, he was Professor of Financial Management
at the University of Surrey (U.K.) having been Midland Bank
Professor of Financial Sector Accounting at the University of
Wales, Bangor. After studies in Philosophy, Politics, and Economics
at Oxford University, he qualified as a Chartered Accountant with
Arthur Andersen in London and then moved to Price Waterhouse in
Paris, where he became a Partner in Management Consultancy
Services. In addition to being co-editor of, and chapter
contributor to, Islamic Finance: Innovation and Growth, and
Islamic Finance: The Regulatory Challenge (published by John
Wiley), Professor Archer is co-author of the CCH International
Accounting/Financial Reporting Standards Guide and the author
of a considerable number of academic papers on international
accounting and on accounting, finance, and related issues in
Islamic financial institutions. He also supervises research
students in these areas. He has carried out a number of consultancy
assignments for the Accounting and Auditing Organization for
Islamic Financial Institutions, the Islamic Financial Services
Board, and the World Bank on issues connected with Islamic finance.

Professor Rifaat Ahmed Abdel Karim has been the
Secretary-General of the Islamic Financial Services Board since

2002. Prior to his current position, Professor Rifaat was the
      Secretary-General of the Accounting and Auditing Organization for
      Islamic Financial Institutions, a post he held for more than eight
      years. He was a member of the Standards Advisory Council of the
      International Accounting Standards Board for two terms, and is
      currently a member of the Consultative Advisory Group of the
      International Auditing and Assurance Standards Board. Professor
      Rifaat was a Visiting Professor at Surrey University (U.K.) and
      Honorary Professor at Monash University (Australia). He is
      currently a Visiting Professor at Reading University (U.K.).
      Professor Rifaat is the co-author of Business and Accounting
      Ethics in Islam, the Euromoney bestseller book
      Islamic Finance: Innovation and Growth, and Islamic
      Finance: The Regulatory Challenge recently published by John
      Wiley. He is also the author of many academic and professional
      papers on accounting, governance, and finance issues in Islamic
      banking and finance.

Dr. Volker Nienhaus was Professor of Economics at the
German universities of Trier (1989-90) and Bochum
(1990-2004) before he became President of the University of
Marburg (election period 2004-10). He has published numerous
books and articles on Islamic economics and Islamic banking and
finance since the 1980s. He was a member of several academic
advisory boards of public and private institutions in Germany,
including the German Orient-Foundation (1993-2006) and the
Federal Ministry of Economic Cooperation and Development
(1998-2008). In 2006, he was appointed a member of the
Governing Council of the International Centre for Education in
Islamic Finance (INCEIF) in Kuala Lumpur. He is also consultant to
the Islamic Financial Services Board on governance issues of
takaful operations.

Klappentext
Takaful is the means of bringing the social and economic benefits of modern insurance coverage, in a form consistent with their religious beliefs, to Muslims and to the merging economics of many predominantly Muslims countries. As such, the development of takaful is crucial, both to social inclusion in non-Muslim countries, and to economic development in a number of countries with emerging market economies. It is therefore only surprising that the takaful industry is undergoing a period of rapid growth. Yet the development of takafu*l faces some formidable barriers that are largely due to the complex structure of *takaful understandings and the unresolved issues associated with it. These issues contribute to making the development of an appropriate legal and regulatory infrastructure, as well as financial reporting, corporate governance, rating and other related matters, problematic for the takaful industry.

Takaful Islamic Insurance: Concepts and Regulatory Issues provides an in-depth and comprehensive examination of these issues, contributed by a number of leading experts in the field. The editors, Simon Archer, Rifaat Ahmed Abdel Karim and Volker Nienhaus, who contributed four chapters, are internationally recognized for their work in Islamic finance. This book constitutes essential reading for all those who seek a solid understanding of the takaful industry, whether they be industry regulators or supervisors, practitioners or academics.

Inhalt
Dedication. About the Editors.

About the Contributors.

Foreword.

Acknowledgment.

1 Conceptual, Legal, and Institutional Issues Confronting Takaful (Simon Archer, Rifaat Ahmed Abdel Karim, and Volker Nienhaus).

1.1 Introduction.

1.2 Developments in International Prudential Guidelines for Insurance and Takaful.

1.3 Contents of this Book.

Part 1.

2 Business Models in Takaful and Regulatory Implications (Simon Archer, Rifaat Ahmed Abdel Karim, and Volker Nienhaus).

2.1 Introduction.

2.2 Business Models.

2.3 Business Structures and Regulatory Implications.

2.4 Regulatory Perspectives.

3 Shari'ah Principles Governing Takaful Models (Dr. Mohd Daud Bakar).

3.1 Introduction.

3.2 Takaful: Nomenclature and Conceptual Meaning.

3.3 Shari'ah Principles Governing Takaful Contracts.

3.4 Takaful Management Models.

4 Corporate Governance and Stakeholder Rights in Islamic Insurance (Simon Archer, Rifaat Ahmed Abdel Karim, and Volker Nienhaus).

4.1 Introduction.

4.2 The Neo-classical and Neo-corporatist Models of Corporate Governance.

4.3 Corporate Governance Issues in the Insurance Industry.

4.4 Corporate Governance Issues in Takaful.

4.5 Concluding Remarks.

5 Legal Issues in Takaful (Madzlan Mohamad Hussain).

5.1 Introduction.

5.2 Takaful Models and their Impacts.

5.3 The Legal Issues.

5.4 The Call for an Effective Framework.

5.5 Concluding Remarks.

6 Business Conduct in Islamic Insurance with Special Reference to Emerging Markets (Arup Chatterjee).

6.1 Background.

6.2 Business Environment in Emerging Markets.

6.3 Framework of Business Conduct and Best Practices.

6.4 Critical Drivers for Developing Market Infrastructure.

6.5 Conclusion.

7 Supervisory Issues in Takaful: An Overview (Peter Casey).

7.1 Introduction.

7.2 Governance Issues.

7.3 Financial Issues.

7.4 Market Conduct Issues.

7.5 Market Issues.

7.6 Supervisory Priorities.

Part 2.

8 Reinsurance and Retakaful (Mahomed Akoob).

8.1 Introduction.

8.2 What is Reinsurance?.

8.3 Functions of Reinsurance.

8.4 Types of Reinsurance.

8.5 Proportional Reinsurance.

8.6 Non-proportional Reinsurance.

8.7 Reinsurance Market.

8.8 Concept of Takaful.

8.9 Need for Retakaful.

8.10 Retakaful Models.

8.11 Main Issues Raised by Retakaful.

8.12 Conclusion.

9 Risk Management in Takaful (Abdullah Haron and Dawood Taylor).

9.1 Introduction. …