Chapter

Wealth Creation through <i>Takāful</i> (Islamic Insurance)

Mervyn K. Lewis

in Islamic Perspectives on Wealth Creation

Published by Edinburgh University Press

Published in print May 2005 | ISBN: 9780748621002
Published online March 2012 | e-ISBN: 9780748653096 | DOI: http://dx.doi.org/10.3366/edinburgh/9780748621002.003.0011
Wealth Creation through Takāful (Islamic Insurance)

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Despite the continued growth of takāful (Islamic insurance), with over fifty companies operating in twenty-two countries, there is a relative lack of study of their contribution to savings in the Muslim world. This chapter evaluates the many ways in which insurance products act as vehicles for savings, and also considers the distinctive form of wealth creation through takāful operation. It furthermore examines the basis of takāful business and compares this with conventional insurance. While there exists considerable differences between takāful and traditional insurance, similarities are found between takāful and newer insurance products. The chapter ends by outlining the challenges facing the development of takāful business and by considering how its wealth creation role could be enhanced.

Keywords: takāful; Islamic insurance; insurance products; savings; conventional insurance; wealth creation

Chapter.  8445 words.  Illustrated.

Subjects: Society and Culture

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