FAMILY TAKAFUL (ISLAMIC LIFE INSURANCE) IN BANGLADESH: OPERATIONAL DILEMMAS AND REMEDIAL APPROACHES
Takaful industry in Bangladesh has been facing numerous problems. The study explores the operational dilemmas of family Takaful (Islamic life insurance) in Bangladesh and recommends approaches to meet the challenges. A qualitative method is used in this study, using data from thirty-two respondents...
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| Format: | Article |
| Language: | English |
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Hamdard Foundation
2025-03-01
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| Series: | Hamdard Islamicus |
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| Online Access: | https://hamdardislamicus.com.pk/index.php/hi/article/view/469 |
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| author | DR. ISSA KHAN MD. MAHFUJUR RAHMAN DR. AZIAN BIN MADUN |
| author_facet | DR. ISSA KHAN MD. MAHFUJUR RAHMAN DR. AZIAN BIN MADUN |
| author_sort | DR. ISSA KHAN |
| collection | DOAJ |
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Takaful industry in Bangladesh has been facing numerous problems. The study explores the operational dilemmas of family Takaful (Islamic life insurance) in Bangladesh and recommends approaches to meet the challenges. A qualitative method is used in this study, using data from thirty-two respondents, along with officers and Sharʑah board members of Takaful companies, as well as Takaful participants. The findings revealed a lack of legislation, regulations, and policies for the development family Takaful in Bangladesh. Furthermore, mismanagement and profit-driven activities have adversely affected the family Takaful industry in Bangladesh. The ignorance of participants about the family Takaful is another setback in establishing a sustainable Takaful industry in Bangladesh. The study proposed strategies to overcome the challenges such as the family Takaful industry in Bangladesh may use commercial contracts that give Sharʑah-specific funding and adopt different models of Takaful in accordance with the legislation of Malaysia. The findings of the research will be immensely useful in overcoming the constraints that the family Takaful in Bangladesh is now confronting.
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| format | Article |
| id | doaj-art-e994fa8368e4489a8dfeb8e0dd78064c |
| institution | OA Journals |
| issn | 0250-7196 |
| language | English |
| publishDate | 2025-03-01 |
| publisher | Hamdard Foundation |
| record_format | Article |
| series | Hamdard Islamicus |
| spelling | doaj-art-e994fa8368e4489a8dfeb8e0dd78064c2025-08-20T02:13:06ZengHamdard FoundationHamdard Islamicus0250-71962025-03-0148110.57144/hi.v48i1.469FAMILY TAKAFUL (ISLAMIC LIFE INSURANCE) IN BANGLADESH: OPERATIONAL DILEMMAS AND REMEDIAL APPROACHESDR. ISSA KHAN0MD. MAHFUJUR RAHMAN1DR. AZIAN BIN MADUN2Department of Shariah & Management, Academy of Islamic Studies, University of MalayaIslamic Businesses School, Universiti Utara Malaysia, 06010, Kedah, MalaysiaDepartment of Shari’ah and Management, Academy of Islamic Studies, University of Malaya, Kuala Lumpur, Malaysia Takaful industry in Bangladesh has been facing numerous problems. The study explores the operational dilemmas of family Takaful (Islamic life insurance) in Bangladesh and recommends approaches to meet the challenges. A qualitative method is used in this study, using data from thirty-two respondents, along with officers and SharÊ‘ah board members of Takaful companies, as well as Takaful participants. The findings revealed a lack of legislation, regulations, and policies for the development family Takaful in Bangladesh. Furthermore, mismanagement and profit-driven activities have adversely affected the family Takaful industry in Bangladesh. The ignorance of participants about the family Takaful is another setback in establishing a sustainable Takaful industry in Bangladesh. The study proposed strategies to overcome the challenges such as the family Takaful industry in Bangladesh may use commercial contracts that give SharÊ‘ah-specific funding and adopt different models of Takaful in accordance with the legislation of Malaysia. The findings of the research will be immensely useful in overcoming the constraints that the family Takaful in Bangladesh is now confronting. https://hamdardislamicus.com.pk/index.php/hi/article/view/469Family Takaful, Operational Dilemmas, Government, Company, participants, Remedial Approaches, Bangladesh. |
| spellingShingle | DR. ISSA KHAN MD. MAHFUJUR RAHMAN DR. AZIAN BIN MADUN FAMILY TAKAFUL (ISLAMIC LIFE INSURANCE) IN BANGLADESH: OPERATIONAL DILEMMAS AND REMEDIAL APPROACHES Hamdard Islamicus Family Takaful, Operational Dilemmas, Government, Company, participants, Remedial Approaches, Bangladesh. |
| title | FAMILY TAKAFUL (ISLAMIC LIFE INSURANCE) IN BANGLADESH: OPERATIONAL DILEMMAS AND REMEDIAL APPROACHES |
| title_full | FAMILY TAKAFUL (ISLAMIC LIFE INSURANCE) IN BANGLADESH: OPERATIONAL DILEMMAS AND REMEDIAL APPROACHES |
| title_fullStr | FAMILY TAKAFUL (ISLAMIC LIFE INSURANCE) IN BANGLADESH: OPERATIONAL DILEMMAS AND REMEDIAL APPROACHES |
| title_full_unstemmed | FAMILY TAKAFUL (ISLAMIC LIFE INSURANCE) IN BANGLADESH: OPERATIONAL DILEMMAS AND REMEDIAL APPROACHES |
| title_short | FAMILY TAKAFUL (ISLAMIC LIFE INSURANCE) IN BANGLADESH: OPERATIONAL DILEMMAS AND REMEDIAL APPROACHES |
| title_sort | family takaful islamic life insurance in bangladesh operational dilemmas and remedial approaches |
| topic | Family Takaful, Operational Dilemmas, Government, Company, participants, Remedial Approaches, Bangladesh. |
| url | https://hamdardislamicus.com.pk/index.php/hi/article/view/469 |
| work_keys_str_mv | AT drissakhan familytakafulislamiclifeinsuranceinbangladeshoperationaldilemmasandremedialapproaches AT mdmahfujurrahman familytakafulislamiclifeinsuranceinbangladeshoperationaldilemmasandremedialapproaches AT drazianbinmadun familytakafulislamiclifeinsuranceinbangladeshoperationaldilemmasandremedialapproaches |