RISK AND RISK MANAGEMENT OF TAKAFUL INDUSTRY

Nooraslinda Abdul Aris (), Roszana Tapsir () and Mohammad Kamil bin Abu Talib ()
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Nooraslinda Abdul Aris: Accounting Research Institute & Faculty of Accountancy, UiTM Shah Alam, Selangor, Malaysia
Roszana Tapsir: Accounting Research Institute & Faculty of Accountancy, UiTM Shah Alam, Selangor, Malaysia
Mohammad Kamil bin Abu Talib: Jabatan Kemajuan Islam Malaysia

Journal of Global Business and Economics, 2012, vol. 4, issue 1, 29-39

Abstract: Islamic finance consists of Islamic banking, Islamic insurance and Islamic capital market. Being one of the major elements, takaful (Islamic insurance) does have a significant role in the industry. The concept of takaful is where a group of people participate in a scheme that enables them to share the burden of any misfortunes faced by any of the participants/policyholders, and where appropriate, compensation are paid using the funds contributed by the participants.

Keywords: Takaful; Shari’ah; Risk Management (search for similar items in EconPapers)
JEL-codes: M0 (search for similar items in EconPapers)
Date: 2012
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